Harrison Tax Resolution - Garnishments, Levies, Liens - Phoenix, AZ
Garnishments, Levies and Liens
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Exempt from a tax levy:
judgments for support of minor children
certain annuity and pension payments
IRS Seizures The Internal Revenue Service has the power to seize your commissions, fees, bonuses, salary and wages. This is called a "garnishment". IRS can seize your bank accounts (levy). It can seize your Social Security benefits. If you don't pay your back taxes, the IRS can and will file a lien against your real and personal property. IRS CAN FILE A RETURN FOR YOU!If you have a filing requirement and do not file a tax return, the IRS will file one for you. They will file a return using the information they have available on you received from third parties.Once the IRS prepares their "substitute for return" called an SFR and assesses taxes based on that return the 10 year collection statute comes into play. That means IRS has 10 years from the date of that assessment to collect. Some actions temporarily suspend or "toll" the 10 year statute. TAX LIENS Under IRS Code Section 6321, a "statutory tax lien" arises automatically upon the assessment of federal tax.If any person liable to pay a tax neglects or refuses to pay after demand, the amount shall be a Lien in favor of the United States upon all property rights. Once a statutory lien exists, the government becomes the taxpayer's secured creditor.