What is the difference between a tax lien and a tax levy?

A tax lien is an encumbrance on all of your personal and real property. It will inform the public that you owe the IRS money. It may also interfere with your ability to borrow money from a bank, sell your house, or engage in other transactions.

A tax levy is essentially a seizure of your assets. For example, the IRS can confiscate money in your bank accounts, garnish your wages, or otherwise seize your assets.

​I have not filed my tax returns for the last four years. I want to get back into good standing with the IRS, but I will owe them a lot of money, if I file those delinquent returns. What should I do?

​First failing to fire a tax return can be deemed a criminal act. As such, you should file those delinquent tax returns immediately. After the tax returns are filed, the IRS will likely send you correspondence informing you of your outstanding obligations. At this point, this becomes a tax collection matter.Please contact the Krieger Law Firm, LLC to discuss your options in dealing with this problem.

Should I call a tax lawyer for assistance?

Absolutely, the deck is stacked against the taxpayer when dealing with the IRS. Revenue agents and revenue officers act in the best interest of the government. They are not obligated to advise you of all of the legal intricacies that ultimately can impact your wallet.Your best bet is to hire an

attorney to shepherd you through this complex legal maze.

I don't have enough money to pay all my tax liability. What should I do?

The IRS will evaluate your financial wherewithal and determine whether you can make a payment. If you can make a payment, the IRS will determine your monthly payment. However, the amount of the monthly payment,which is determined by the IRS, should be scrutinized. Also, you should explore other options available to you. The Krieger Law Firm, LLC can assist you in scrutinizing the amount of your monthly payment along with your options to address your tax liability.

The IRS revenue agent just completed its audit of my tax return. I do not agree with the audit results. And worse yet, I now owe a significant amount of money. What can I do?

There are multiple avenues of relief to address the audit results. It is important, however, to respond timely to the audit results. Most determinations require the taxpayer to take action within a prescribed period of time. For example, the IRS may issue a Statutory Notice of Deficiency. Generally, the taxpayer has 90 days to file a tax court petition in the U.S. Tax Court. The Krieger Law Firm, LLC can represent you in the U.S. Tax Court and advise you of your other options.

FAQs

KRIEGER LAW FIRM, LLC

​​Joel Krieger, Tax attorney