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i am being audited by the irs. what should i do

Customer Question
they want to take my...
they want to take my bank account
Submitted: 9 years ago.Category: Tax
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Answered in 12 minutes by:
5/4/2008
Tax Professional: Merlo, Accountant replied 9 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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HelloCustomer

Are you indebted to them for past taxes? Is this for a personal tax return or business tax return?

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
Merlo and 87 other Tax Specialists are ready to help you
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Customer reply replied 9 years ago
Tax Professional: Merlo, Accountant replied 9 years ago

If you owe back taxes to the IRS they are allowed to do a number of things to collect that money, including putting a tax levy on your bank account. BUT you do have some options for help get relief. If the amount you owe them is substantial and you cannot afford to pay them in full, you can try submitting an Offer in Compromise to reduce the amount you owe them. You can also try to negotiate a short term deferral until you can afford to pay them and you can also try to negotiate an installment payment plan so that you can pay your taxes over a longer period of time instead of all at once.

Your best bet at this point would be to consult a tax attorney as soon as possible who can help you with these options, and try to get the levy lifted from your bank account while trying to negotiate with them.

If this answer has been helpful, please press the "accept" button. Postive feedback is also greatly appreciated. Thanks for coming to us with your question.

 

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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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