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bjbj Hello. My name is Bill Simon. I m a CPA at the firm of W.H. Simon and Company, and
I m also president of that firm. We have been in business for over 25 years and during that
period we have provided representation, on an exclusive basis, to individuals and businesses
across the country. We rely very heavily on other CPAs and attorneys to refer their clients
to us, but we think people, such as yourself, who are perusing the internet, may need some
assistance in deciding who to engage. Today, we would like to talk with you about the delinquent
tax liabilities that you might have; i.e. you owe the IRS money and you simply can t
pay it. I want to explain to you today the process that IRS goes through in collecting
their money. First of all, they will send you notices, a series of notices. 3 or 4 notices
will be mailed from a campus of IRS, that is a computer processing center wherein they
will send you notices on a recurring basis, and each notice becomes a little more threatening
and they tend to move in the direction of threatening to seize your assets or put a
levy on your wages or on your bank account. So the first step is going to be a series
of notices. If that doesn t get your attention, typically you will receive, at the minimum
a phone call from the Internal Revenue Service, saying that they have attempted to collect
the monies but have not been successful. These calls don t always take place, but many times
they do. In those phone calls, they will attempt to secure various financial data from you,
including where you work, where you bank, what assets you own, what type of income you
have. And many times they are developing a financial snapshot of your situation to provide
them with opportunities for collecting the money. The next step will be, possibly, a
visit from a revenue officer, a person who s charged with collecting delinquent taxes,
wherein they will ask for similar information, or they may, in fact, ask you to come to their
office, or even issue you an administrative summons requiring you to come to their office
and provide them with information. In any event, if the taxes are ultimately unpaid,
they may resort to filing a federal tax lien. A tax lien is a document that is filed in
the county courthouse in the county in which you reside or work or have assets. And that
lien attaches to all assets that you own, including your personal residence. It will
come behind the first or second or third mortgage holder, but it will be very similar to a mortgage
on all of your assets. Probably the more effective way they have of collecting delinquent taxes
is through a levy. Under state law, many times, that is referred to as a garnishment. Under
federal law, it s a levy. This is a document they would send to your employer and say,
Send us his paycheck, or her paycheck, after allowing them a minimal amount of money, that
is calculated by a table that accompanies the levy. And then your employer is forced
to remit that money every payday to the Internal Revenue Service. Now they can also issue a
levy to a bank, wherein the bank receives the levy and on that date they have to freeze
your account. Whatever funds are in the account as of that day to the extent of the amount
of money that is owed to IRS, the bank is legally obligated within 21 days to forward
those funds to the Internal Revenue Service, unless you work out an arrangement with IRS
to convince them to release that levy before the funds are remitted to the Internal Revenue
Service. The levy would apply even though you may have outstanding checks, meaning,
in fact, the checks would bounce and you would incur additional service charges. This is
a very serious tool that the IRS uses to get your attention. All of these things can be
avoided with the proper representation. It is very critical, when you owe IRS taxes,
not to ignore them. Do not bury your head in the sand. This is an issue that has to
be dealt with; it does not get better with time. It is not like fine wine. These issues
must be dealt with, and dealt with on a timely basis, or you will find yourself at the end
of all of these bad situations I referred to, like levies, and liens and possibly even
the seizure of assets, such as automobiles, boats, RVs, and even your personal residence.
So keep that in mind as you deal with delinquent tax liabilities. We are continually updating
the videos on our YouTube channel. Please feel free to tune in. They re usually changed
on a weekly basis. In addition, if you would like to contact our office and discuss your
individual situation with us, feel free to do so at the email address listed below, and
we will respond to you within 24 hours. Thank you very much for your attention, and I look
forward to hearing from you. hR(@ [Content_Types].xml Iw}, $yi} _rels/.rels theme/theme/themeManager.xml
may need some assistance in deciding who to engage. Today, we would like to talk with
that they have atte mpted to collect the monies but have not been successful These calls don
lien. A tax lh ien is a document that is filed in the county courthouse in the county in
levy to a bank, whet rein the bank receives the levy and on that date they have to freeze
o be dealt with; it does not get better with time. It is not like fine wine. These issues
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