| When you owe the IRS back taxes and you have | | | | time. Also, if the items are located in another state or |
| continued to not pay them after all their notices and | | | | country, this makes it extremely difficult for the IRS to |
| phone calls, it is likely that the IRS will begin to levy the | | | | seize them. |
| assets you own. With a levy in place the IRS will begin | | | | 3. Transfer Financial Accounts - To prevent the IRS |
| trying to seize your assets in order to fulfill the back | | | | from going into your bank account and taking money |
| taxes owed. There are many ways that you can | | | | directly from it (IRS Bank Levy) you can simply |
| keep the IRS from taking your assets, below are the 3 | | | | transfer accounts to throw them off track. The only |
| most effective ways. | | | | way the IRS knows about your bank account is from |
| | | | the tax return that you file and it shows the bank |
| 1. Transfer your assets - This is a good option if you | | | | account that dividends were paid for. The IRS does |
| know the IRS is planning on placing a levy on your | | | | not have access to any banks computers, so once an |
| assets and has not done it yet. If you transfer assets | | | | account is moved, they won't be able to easily find it. If |
| while the levy is in place, the IRS can still legally take | | | | the IRS does find your bank account, they will be able |
| that asset. Transferring assets mean to transfer | | | | to seize assets, but the only way they can do this is |
| ownership, give away, sell, or do a combination of two. | | | | by randomly selecting banks and following up with |
| Do you have a good friend you can trust to legally hold | | | | them to see if you have an account. |
| the asset until the levy has been resolved? They may | | | | Running from the IRS and hiding assets is not easy |
| be a good choice. At times the IRS can still find ways | | | | and most likely the IRS will get the best of you sooner |
| of proving that you were transferring for the purpose | | | | or later if you do not resolve your tax issues. Use |
| of avoiding seizure, but it will still slow them down and | | | | these methods as ways to prevent the IRS from |
| buy you some time. | | | | taking your assets while you figure out how to resolve |
| 2. Don't let the Assets be seen by the IRS - If the IRS | | | | your tax issues. These methods will help ensure you |
| can't see movable items (boats, cars, motor homes | | | | keep your prized assets and will help you buy time to |
| etc.) they cannot take them. Know it is illegal to actually | | | | find a better solution. It is also highly suggested that you |
| keep information from the IRS about the items. If you | | | | talk with a tax professional when dealing with some of |
| keep your movable items away from where the IRS | | | | these methods because because if they are not done |
| would expect them to be, it is likely that they won't find | | | | properly, the can be illegal. |
| them, or it will slow them down and buy you more | | | | |