Whether the IRS is just threatening to issue a levy or tax lien or they are actually attempting to collect a tax debt, you need to be proactive to ensure your assets are safe from a tax lien or tax levy. ITS asset protection strategies consist of several methods designed to protect assets from liabilities arising out of a tax audit or IRS lien. It should not be confused with limiting liability, which concerns the ability to stop or constrain liability to the asset or activity from which it arises.
Assets that are shielded by law from creditors are few. Common examples include equity in your home, certain retirement plans, and interests in LLCs and limited partnerships (and even these are not always unreachable). Assets that are generally unavailable are those one does not hold legally. In many cases it is possible to vest legal title to personal assets in a trust, an agent or a nominee, while retaining all the control of the assets. The goal of asset protection is similar to bankruptcy, and the two practice areas go hand-in-hand. When a debtor has very few or no assets, the bankruptcy route is preferable. When the debtor has significant assets, asset protection may be the right solution. It’s important to speak with one of our tax analysts and allow us to evaluate your assets and liabilities in order to prescribe the right path to curb any liens against your assets.
Ideal Tax Solution Representation
Ideal Tax Solution has the experience and knowledge to handle the most serious of tax audits. Our expert Tax Attorneys and Enrolled Agents will negotiate with the IRS on your behalf and ensure that your taxpayer rights are protected and that the IRS auditor is playing on a level field. Call us today to discuss how we can develop a strategy that will allow you to address the audit and resolve it with better than acceptable results.