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Category: Tax Levy

What to Expect If You Receive IRS Notice CP14

3 June, 2023 | Tax Issues Tax Levy Tax Liens Tax Relief

If you don't pay your tax bill, you will eventually receive notice CP14. As of May 2023, the IRS has announced that it is going to be sending out millions of these notices. This is part of the agency's plan to ramp up collection activities after going relatively dormant during the COVID pandemic and its aftermath. The agency also plans to start sending more CP501 notices from its automated collection system. What does this m... CONTINUE READING

Overview of IRS Tax Levy Issues

9 August, 2013 | Tax Levy

Overview of IRS Tax Levy Issues An IRS tax levy is a seizure of your property to pay a income tax debt owed. A tax levy is different than a income tax lien. A tax lien is similar to a mortgage on your property, an... CONTINUE READING

IRS Levies

3 May, 2013 | Tax Levy

IRS Levies If you do not settle your tax debts from back taxes, the Internal Revenue Service can put a levy on your bank account. A levy is a seizure of your property to settle a tax debt.  This seizure is legal, and actually takes your property from you to satisfy the tax debt. Reasons for an IRS Levy" The IRS can commence a levy for several reasons, such as unfiled tax returns, unpaid back taxes or if you defaulted installment agreem... CONTINUE READING

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Willful and Non-Willful Failure to File FBAR Penalties

FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do...