Asset Seizure: What Assets Can the IRS Legally Seize to Satisfy Tax Debts?

By Top Tax Staff

Editor’s Note: This post was originally published in June 2013 and has been updated for accuracy and comprehensiveness.

When you are seriously negligent in paying your IRS tax debt, you put your income and assets at risk of being seized. The IRS uses this extraordinary step to collect on debts when taxpayers have failed after repeated warnings to pay what they owe. 

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How to Ask the IRS for Tax Forgiveness

By Top Tax Staff

Editor’s Note: This post was originally published in February 2023 and has been updated in 2024 for accuracy and comprehensiveness.

The IRS is rarely in a forgiving mood, but under the right circumstances, you might be able to earn their forgiveness for part of your tax debt.

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How to Avoid an IRS Levy

By Top Tax Staff

This post dives into levy avoidance. If you don’t want the IRS seizing your property, this post is for you. Actually, this post is for people who have property levied by the IRS and anyone else who wonders what happens when you don’t pay your taxes.

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You Received a Dishonored Payment Notice from the IRS: What Does It Mean?

By Top Tax Staff

Have you ever received a Dishonored Payment Notice from the IRS and wondered how Klingons got involved? Or maybe you worried you would need to sacrifice yourself in shame. Oh, no! My payment was dishonored. I must (fill in the blank with something terrible).

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A Bank Account Freeze? What Do I Do?

By Top Tax Staff

Have you received an IRS notice of levy on your bank account? That’s another name for an IRS bank account freeze or seizure. It happens when you don’t pay your tax debt.

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How to Appeal a Federal Tax Lien

By Top Tax Staff

Have you received IRS Letter 3172, Notice of Federal Tax Lien Filing and Your Right to a Hearing under IRC 6320? That means the IRS has determined you owe a tax debt, which you have neglected or failed to pay. Now they put a lien on your property so you can’t sell or refinance any of it until you pay up or make a deal.

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What You Should NOT Do If You Owe the IRS

By Top Tax Staff

If you owe the IRS money, you should trust that they know about it and are expecting prompt payment. The agency is not known for backing down when there's tax money to be collected, and you shouldn't count on qualifying for an offer in compromise to reduce your tax bill.

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Heads Up! The Tax Filing Extension Deadline Approaches

By Top Tax Staff

It’s October. Do you know what that means? If you filed for a tax extension earlier this year, it’s time to file your taxes. And If you haven't spent the last few months doing so, you need to get all your supporting documentation together, get your taxes calculated, and file the whole thing by the middle of this month to avoid penalties and additional interest.

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What Happens If I Haven’t Filed Taxes in over Ten Years?

By Top Tax Staff

Not filing taxes for several years could have serious repercussions. Not only can the IRS stop you from applying for a passport or a mortgage, but they can also create a Substitute for Return against you, charge you for failure to pay, or charge you for failure to file.

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Notice of Deficiency from the IRS? Don’t Panic: Here’s What You Can Do

By Top Tax Staff

Receiving mail from the Internal Revenue Service is enough to make anyone’s knees quiver. It almost always means you owe more money to Uncle Sam for one reason or another. In the case of a Notice of Deficiency, formally known as CP3219A, it means that the information you provided with a tax return does not match up with the information a third party sent, like a bank for an employer.

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