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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10146
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Ny state. i am sole proprietor dba and owe back sales taxes.

Customer Question

ny state. i am sole proprietor dba and owe back sales taxes. wife and i only have 1 joint bank account which has been levied for this debt. wife needs to open a new account, in her name only, to cash her paychecks. can the gov then levy her new account for my debt?
Submitted: 1 month ago.
Category: Tax
Expert:  Lane replied 1 month ago.

Hi. My name's Lane. I can help here

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No, they cannot. If you are the only owner, and the tax debt is yours alone, that cannot levy ir put a lien on any separate property (property in her name only).

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This includes financial accounts, (bank accounts, brokerage accounts, etc), real property, etc.

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They CAN levy anything owned jointly by the debtor and another person. (this is because under joint ownership you both essentially own all of the asset - either of you could empty the account at either time)

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But if you are the debtor here (and for a soleproprietorship there IS only one owner) they can not levy anything in her name only.

Expert:  Lane replied 1 month ago.

Please let me know if you have any questions at all, before rating me.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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