Nemeth IRS News - Episode 5 (The Taxman Cometh Show: IRS Tax Problem Solutions)

Описание: Welcome to The Taxman Cometh, where we simplify tax issues for our fellow Texans.
This podcast is hosted by Mike Rhyner, aka ‘The Old Gray Wolf’, the legendary radio personality from the KTCK channel fame, in discussion with Nick Nemeth, the attorney at the Law Offices of Nick Nemeth, and managing attorney, Jamie Flores. The fifth episode in the podcast series focuses on IRS Levies and Liens.

Important time stamps:

0:38 Can the IRS take your Paycheck?
1:58 Levies vs Liens
2:40 Notification of Tax Levies
3:47 Time Frame for Notification and Collection Action
4:50 Bank Levy Release Examples
9:10 What is a Federal tax lien?
9:53 Can Taxpayers Under a Tax Lien Sell Their Assets?
11:28 What Should Taxpayers Do?

About the Law Offices of Nick Nemeth:

The Law Offices of Nick Nemeth is a reputable law firm in the Dallas–Fort Worth area, dedicated to helping Texas residents tackle their tax problems, particularly back taxes. Whether you are dealing with unpaid taxes, unfiled taxes, or seeking tax relief solutions, the team is here to help. Call 972-484-0829 to schedule an appointment.

Highlights from the Episode

In this episode, the three personalities discuss the matter of IRS tax liens and levies. Host Mike Rhyner starts the discussion by asking whether the IRS can take a taxpayer’s paycheck for unpaid tax debts. The simple answer is, yes.

What can the IRS take for Unpaid taxes?

Dallas attorney Nick Nemeth gives a rule of thumb: If you have access to something, the IRS has access to it too. To recover a tax debt, the IRS can levy or seize assets such as your:
-Paycheck
-Bank account
-Social Security benefits
-Retirement funds

For assets like your home or property, the IRS must obtain the Court’s approval. However, for the items listed above, it isn’t a requirement, making it crucial for taxpayers to consult tax attorneys instead of relying on non-attorney tax companies for solutions.

Levies vs. Liens

A levy is a collection action where the IRS seizes your assets. A federal tax lien, on the other hand, is a public record at a courthouse stating the IRS’s claim on what you own.

IRS Notification About Tax Levies

Jamie Flores explains that the IRS does have to notify taxpayers about a levy action. The notice can be sent anytime after the IRS assesses the tax balance. However, the IRS does not need to notify taxpayers again for subsequent filing of liens or wage garnishment actions.

Taxpayers have several options to challenge an IRS tax lien and levy action, including filing an appeal, negotiating with a revenue officer, going to tax court, or exploring protections like the bankruptcy stay. But, once all the options are exhausted, the IRS can begin collection without further notification.

The Time Frame for IRS Levy and Recovering Funds

If the IRS has already levied your bank account, you have 21 days to recover your money. Jamie Flores advises that taxpayers file for an IRS tax levy release by submitting their financials to the IRS and entering into an IRS tax resolution program.

Examples of Bank Levy Release: Taxpayer’s Rights

Nick Nemeth shares various scenarios where the IRS may release a bank levy:

-If the IRS files a tax levy erroneously, without following the due procedure, such as missing a signature or date, it can be released by contacting the group manager of the IRS revenue officer.
-A bank levy can also be released in situations where the IRS Revenue Officer has not mentioned the name or details of the taxpayer correctly.
-The IRS may also release a bank levy in case the taxpayer is able to demonstrate economic hardship such as an impending eviction notice.

Can Taxpayers Under a Lien Sell Their Assets?

Jamie Flores explains that it depends on the situation. For instance, many worry about how the IRS tax lien affects their credit, but a 2017 IRS law prevents tax liens from being reported to the Credit Bureaus, so they do not directly affect credit scores.

However, when selling property, title companies must pay off the lien when transferring ownership, reducing any potential profit for the seller.

What can taxpayers do?

Nick Nemeth advises taxpayers to take proactive steps in handling their tax situations before they reach the point of liens or levies. The longer you wait, the more difficult and costly the situation becomes.

If you are facing an IRS tax problem or suspect one is coming, consult Nick Nemeth, Jamie Flores, and their team of tax professionals at the Law Offices of Nick Nemeth. The firm’s tax attorneys can assess your situation and prevent it from spiraling out of control.

Tune into the full episode for key insights and catch more episodes of the Taxman Cometh Show, where we simplify complex tax issues for everyday Texans.

Like, share, & subscribe if you find the episode helpful. Feel free to comment below with your questions or bits you found interesting.

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