When a taxpayer fails to pay back taxes, the IRS can place a lien and/or levy against the taxpayer's property (car, home, IRA, bank accounts, cash value of life insurance policy, etc.). A lien acts as a security deposit against the debt, while a levy gives the IRS the right to legally seize the property as payment for the tax liability. The IRS may issue a Notice of Federal Tax Lien or a Notice of Intent to Levy only after specific conditions are met.
If one of these notices is received, we can uncover opportunities to have the lien or levy released, and negotiate on your behalf to have IRS representatives re-evaluate the situation. In addition, the IRS must release a lien or levy if certain circumstances are found to be true, such as if the statute of limitations for collection had expired prior to the notice being issued. Levies and liens can create financial disaster for taxpayers, but often have successful outcomes when handled by our knowledgeable tax controversy staff.