Here at Shenwick & Associates, many of our clients have
concerns regarding tax issues. In some
cases, tax debts can be discharged in bankruptcy (as we wrote about most
recently here). However, in many cases, the IRS has already
filed a Notice
of Federal Tax Lien (putting other creditors on notice of the government’s
legal claim against your property), has issued a Final Notice of Intent to Levy
(which means that the government is considering taking a portion of your
salary, your bank accounts, your other property and/or your real estate) or may
have begun levying property. Based on the Employee
Retirement Security Act (ERISA) and other federal law, ordinary creditors
can’t access Social Security payments and retirement accounts and income to
satisfy debts, but government agencies (like the IRS) can. For an excellent review of the IRS’ abilities
to levy on these assets, we recommend this
post on pension plans and IRAs and this
post on Social Security payments.
All of us at Shenwick & Associates wish you a safe and
happy holiday season, and we’ll be here for you in 2018.
No comments:
Post a Comment