Protecting Assets from IRS Collection Enforcement

Protecting Assets from IRS Collection Enforcement Tax obligations can be overwhelming for some. Whether you chose the wrong deductions for your paycheck or you failed to properly account for your self-employment taxes or investment taxes, you may be blindsided by that big tax bill come April. Few of us have hundreds or thousands of dollars stashed away to pay for such unexpected debts, so you may find yourself grasping for what to do if you are faced with such a bill. Know that you must act. If you do nothing, you will face the seizure of your assets, including your home, vehicle, personal belongings, and even your retirement accounts. You must take action to protect your most important assets. Here’s what you can do: Contact the IRS The first thing you should do if you receive a notice that you owe AZ taxes and are unable to pay them is to call the IRS. If you do nothing, the IRS will immediately begin collection activity against you, which can involve seizing your…

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