Yes, the IRS can levy your IRA, looting your retirement account and leaving you in the cold. In the warmer climates where days seemed slow and living was easy, residents are shivering as suddenly Las Vegas in Nevada and Phoenix in Arizona, Santa Barbara and San Diego in California, do not seem all that safe and secure anymore. The misconception that the IRS cannot touch your IRS and your retirement funds are forever safe is downright dangerous because it can put your future in jeopardy. The IRS can access all and any of your financial resources in order to cover your delinquent income tax bill – virtually nothing is safe anymore.
If you need quality tax resolution services because you fear that a back income tax debt is threatening to put plans for your retirement or your actual retirement in jeopardy, contact the Tax Resolution Institute for our consultation by calling 800-401-5926. Our goal is to resolve the tax problems of our clients by providing legitimate tax relief, helping to safeguard their future financial viability.
Unlike the IRS, regular collection agencies and ordinary creditors are prevented from levying pension and IRA accounts due to anti-alienation provisions. These provisions do not allow them to levy your IRA. The government does not want to seem like they are trying to put people who have paid their dues on the street. However, the IRS does not conform to these anti-alienation provisions as many taxpayers think, the IRS can and will levy your IRA and other retirement accounts to collect delinquent tax debts. If their is no other way to cover the back tax debt, the IRS will levy IRA accounts in cases of flagrant taxpayers abuse. Learn more by reading Internal Revenue Manual Section 18.104.22.168(5).
The Tax Resolution Institute understands how many honest taxpayers have been left in the lurch by this difficult economy, rising unemployment, and the numerous foreclosures. There are obvious reasons why so many people have delinquent income tax debts. Is it any surprise that so many decent Americans are now have delinquent income tax problems and are facing collection actions by the IRS for back taxes owed?
What is so important is not to sit on your hands and do nothing. Before hardcore actions by the IRS or any of the state taxing agencies are taken against you, before they levy your IRS and put your retirement in jeopardy, contact the Tax Resolution Institute for a free consultation. It does not matter whether the sun is shining in Phoenix and San Diego, Santa Barbara and Las Vegas. If you suddenly get that dreaded letter or call from the IRS, the ice cold of financial fear will the new name of your game.
About Peter Y. Stephan
Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.