Dealing with the IRS can be a complicated and stressful situation, especially when your case has been assigned to a Revenue Officer. Protecting your assets is of the utmost importance. The assignment of a Revenue Officer means that you owe significant tax debt and that the IRS is preparing to take action to collect that debt. Our team of tax professionals at Highland Tax Group has experience dealing with the IRS and can help you protect yourself.
What Can I Do To Protect My Assets and Wages?
Several reasons explain why a Revenue Officer was assigned to you. Some of the common reasons why this happens include one or more of the following:
- Your tax debt is large
- You have ignored multiple notices
- You have failed to file tax returns for multiple years
- You have unpaid payroll tax liabilities
Two of the most effective means a Revenue Officer has at their disposal are the right to place a levy on your bank accounts and garnish your wages. However, there are ways to mitigate or prevent this from happening, including:
- Setting up a payment plan. Often, the IRS will accept a payment plan and cease collection efforts if you adhere to the plan and gradually pay off your tax debt.
- Dispute the tax owed. In some cases, you may have a good-faith argument that the IRS erred in assessing the taxes owed. The tax code is complicated, and you may have a basis to challenge the IRS and negotiate a favorable outcome.
- Be aware of what assets the IRS cannot seize. Two examples of assets the IRS cannot touch are retirement accounts and offshore accounts. However, be mindful that if you attempt to transfer money to these accounts, you could be charged with tax evasion for doing so.
Before taking any of these measures, you should consult with a tax professional at the Highland Tax Group so that you understand what consequences may result.
Highland Tax Group Can Help You Protect Your Assets
Highland Tax Group has assisted many of its clients in dealing with IRS collection efforts. Contact a member of our qualified tax team today to see how we can help you.