Tax Debt Solutions Blog

Tax Debt Relief Help: Protecting You and Your Assets

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Safeguarding Yourself after Disclosing Finances to the IRS

After your interview, the IRS will know where you live, work, bank etc.  They can easily confiscate assets and wages so be sure to safeguard yourself. You don’t have to let them know if you change employers, banks or sell assets the day after verbal or oral disclosure but, you must give information that is presently accurate.  Switching banks is a lawful short term option.  Leave a small amount in an account and move the surplus to a different bank.

Only interest bearing accounts are conveyed to the IRS at the end of the year.  Open an account in a different location or state from where you reside.  Only pay the IRS with money orders or through your old account.  Each payment’s account is recorded by the IRS so don’t supply you new account number(s).  However, if you are asked to complete Forms 433-A or –B, you must disclose new accounts.

Collector’s Next Move

After assessing forms 433-A and –B the IRS could:

• Demand payment immediately if there is proof that you can pay
• Request that you get a loan from a bank, finance company, or relative company or relative
• Request you sell assets in order to pay the IRS
• Recommend an Offer in Compromise
• Suggest a payment plan
• Advise you of bankruptcy alternatives
• Start imposed collection i.e. levy accounts, other assets and wages
• Describe your case as presently uncollectible

Revenue Officers check information supplied by you.  If you transfer your assets or ask family members to hold your assets they will act severely.  Fake transfers are unlawful and the IRS can seize them.