If you owe delinquent taxes, it is important for you to know your rights as a taxpayer. Unfortunately, many taxpayers are not aware of their full rights and simply trust that the IRS will give them the information they need. The IRS will only explain what they are required to about protecting your assets after an IRS assessment, however, it’s impossible for a taxpayer to take full advantage of the rights they are not aware they have.
For example: the IRS may give you 30 days to appeal your audit decision but you are actually still able to file an appeal after those 30 days are up. The IRS is also allowed to seize your assets without first obtaining a court order so it’s best to find professional means for defending yourself, your property and all your assets.
At Franskoviak Tax Solutions, we’re familiar with the rights of taxpayers and we have years of experience protecting the assets of our clients post-assessment. Even if you have already been audited, it is not too late to protect your assets from IRS seizure. Contact us today for a free consultation and we will help you prepare your defense or appeal.
Frequently Asked Questions About Protecting Assets After an IRS Tax Assessment (FAQ)
How can I protect my property from the IRS?
- Transfer ownership of your assets. A transfer of ownership can prevent the IRS from seizing the assets.
- Get the IRS to claim certain assets as exempt.
- Move your financial accounts to places the IRS doesn’t know you have money.
- Don’t tell the IRS about your assets.
Can the IRS take your house if its in a trust?
When you put property in a revocable trust, it’s just as easy for the Internal Revenue Service (IRS) and state income-tax collectors to take your assets back out. Putting houses on trusts provides no protection against tax liens when dealing with legally owned properties!
What assets are protected from IRS?
The IRS is empowered to seize practically any asset that has value/equity and can be liquidated into cash. This includes real estate, cars and even investments you’ve made.