Taxation & Estate Planning

5 Things You Should Know About the IRS

By howardlevy

As a member of the Cincinnati Bar Association, it was exciting to see my article about solutions to today’s IRS collection problems in March’s monthly bar journal.   

Here is a brief overview of the 5 Things You Should Know About the IRS:

(1)     The offer in compromise program is not as advertised on television.

(2)     IRS seizures of houses, personal belongings and business property are rare.

(3)     Retirement accounts are not protected from IRS collection actions.

(4)     The IRS has limits on the amount of time it has to collect a tax debt.

(5)     Bankruptcy is a powerful too that is capable of elminating taxes.  

These factors are essential to anyone with IRS problems – know the difference between what you hear and what is reality.  Feel free to reference the full article to learn more.  

With increased staffing of high-level Revenue Officers by 30% and levy actions hitting 15 year highs, the 5 things you should know about IRS can help you navigate a fresh start.

Full post as published by IRS and the Law on February 22, 2010 (boomark / email).