ACS (Automated Collection System) is the automated part of the collection apparatus of the IRS that handles the majority of tax collection cases. ACS relies on mailed notices to generate taxpayer contact and will issue notices of intent to place liens and levies primarily as a tactic to ensure that taxpayers do not ignore their responsibilities. A notice to an individual’s bank or employer stating that their account is frozen or their paycheck is garnished due to IRS enforcement action is a sure-fire way to get that taxpayers attention!
Once the IRS has an individual taxpayer’s attention in most cases a resolution can be achieved and the IRS Levies can be lifted. When it comes to IRS Levies Richardson TX has an advocate for taxpayers. Here at Bilsky Financial Group Inc. you will have the security that comes with qualified representation by the Bilsky Team. We will make sure you get the best resolution possible and we can offer other services as appropriate like help you apply for an offer in compromise if your debt burden is too unmanageable for your current income.
Let’s now discuss what IRS levies are verses IRS liens. Levies to many people are the scarier enforcement action. This is because the basic income that the taxpayer depends on day to day is threatened. Due to IRS reporting requirements, unless someone is working completely underground, it is likely that the IRS knows who you work for and where you bank. This knowledge is put to use after a series of notices are sent to the taxpayer’s address of record requesting payment and threatening enforcement action with increased severity.
A delinquent taxpayer will eventually get a certified letter from the IRS that he or she must sign to prove receipt. If the taxpayer does not respond to the IRS within 30 days of that letter, the IRS begins enforced collections. The IRS will use the information IRS has on file to send out letters of levy to any institution the taxpayer may bank at or work at. Sometimes these levies go unfulfilled because the taxpayer no longer banks or works at the recipient institution, but it only takes one hit and the IRS will have control of most of the individual’s money or income. IRS Levies have some guidelines for allowing the taxpayer some use of money from his or her paycheck but it won’t be much.
Liens are attached to one’s property, usually one’s home until the debt is paid off. Keep in mind the IRS has a statutory lien on tax debt whether it’s published or not. Whether it be IRS Liens or IRS Levies here in Richardson TX has Bilsky Financial Group to help you sort it all out if you do not want to deal with the IRS all on your own. Tax Planning is also available to ensure you pay estimated taxes to avoid a tax issue at the end of the year.
We do more than FIX tax problems, we help you PREVENT them.