As a former IRS agent and teaching instructor taxpayers have no idea what goes on the scenes if you owe back taxes to the Internal Revenue Service.
If you are in need because you may have a situation going on with the IRS that you will back taxes you may want to call us because of our knowledge and experience in the system. free consultations are always available.
We can get IRS off your back and you will never speak to them.
Depending on the size of the case and who is working the case, the Internal Revenue Service has a list of assets or potential assets they will look at in working a case.
Each case is different each revenue officer is different and therefore an open IRS collection inventory can be worked different ways depending on many factors within the Internal Revenue Service
Believe it or not no two cases are the same.
The larger the dollar the more due diligence they will conduct.
Many times when IRS is working an offer in compromise you will find this type of list.
On smaller cases, you don’t have so many worries but if you’re owing over $50,000, IRS can choose to review the following.
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On most open IRS collection cases IRS does due diligence to find out what the collection potential is on most cases. Depending on the nature of the case the dollar amount in the revenue officer IRS can conduct what it needs to and conducts the due diligence they think necessary to collect back taxes from every entity that owes IRS money.
IRS has an unlimited amount of resources and has an unlimited amount of money they can spend to find out anything they need to include issuing summons and subpoenas on any case they feel necessary.
Some of the checks IRS makes when looking on a 433 a.
IRS always check:
1. motor vehicle records,
2.online courthouse records for real and personal property,
3. they will conduct the financial crimes enforcement network FINCEN if the taxpayer has a foreign bank account,
4. IRS can check passport records,
5. full credit report,
6.Secretary of State Universal Commercial Code,
7. Courthouse records for lawsuits,
8. Divorce decrees,
9. life insurance policies,
10. homeowners and renters policies,
11. cash surrender value in insurance policies,
12. Ira and KEOGH values,
13. airplane and boat checks,
14. find if you are a beneficiary of a will or trust,
15. if you have any stock in an ongoing business,
16. pay close attention to fluctuation income especially income decreasing,
17. find out if you have any gambling earnings,
18. find out if you are hiding money through a business,
19. if you’re a business owner carefully check your receivables and all assets as well as credit card purchases,
20. many times a local revenue officer will drive past your house and write down the license plates in your yard or your place of business.
While this is not a comprehensive look these are some of the assets that IRS can check when investigating a business, individual or any taxpayer.
If you need help because you are back tax call us today for a free initial tax consultation and hear the truth.
If You Owe the IRS Back Taxes + Watch Out + Asset Checks Made by IRS
