Larry B. Betts, CPA


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Dealing With The Internal Revenue Service

By Larry Betts


    IRS tax document

    Dealing promptly is the key. The IRS can seize your property without a court order. They only have to have a valid assessment, give a demand notice for payment, and give notice of intent to seize.

    There are some items they cannot seize. Items such as your residence, apparel, tools of your trade, school books, social security benefits, workers compensation, pension payments, personal effects to $1650, undelivered mail, and part of your paycheck.

    Unless you fraudulently conceal the IRS cannot put you in jail. My recommendation is to be up front and negotiate a settlement. Generally, you can get on a reasonable payment plan.

    Offers in Compromise, although available, are not recommended. The taxpayer must layout their entire financial situation and should only be done as a last resort.

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