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Written by Scott Allen

Can the IRS Take My Retirement Money?

Can the IRS Take My Retirement Money?

How To Protect Your Retirement Account From Internal Revenue Service Seizure

If you are wondering whether the IRS can take your 401k, pension or retirement account money, this post should help! Here we discuss why your accounts are at risk in the first place, if the IRS can actually take money from these accounts or not, and what you can do to protect your money.

Why Is The IRS Trying To Levy or Take My 401k, Pension or Retirement Money?

Even though retirement accounts are protected from creditors, the IRS is an exception.  The general rule is that if you can get it the IRS can get it too.

The main reason the IRS would try to levy your 401k, pension or retirement accounts is because you owe back taxes. An IRS levy is basically a seizure of your assets to cover your tax debt. The IRS will usually send a notice and demand for the payment to be made. If you ignore this notice, they will send a final notice of intent to levy which will be issued 30 days in advance before the levy happens. Usually, before they perform the seizure, they will investigate assets you own to see if they have sufficient equity to pay off your back taxes, or else the seizure is prohibited.

The Internal Revenue Service can seize all types of retirement accounts, including IRAs, 401k plans, and other self-employed plans like Keogh plans and SEP-IRAs. There are currently no prohibitions in the IRS code against it.

Many clients come to me who have been forced to live off of their retirement accounts because of being laid off.  When they get the tax bill for the taxes owed and the 10% early distribution penalty, they have no way to pay the amount owed.  If your only source of money is taking distributions from money still available in your retirement accounts, the IRS will expect you to liquidate the account to pay off the taxes.

Can the IRS take My 401k If I Owe Taxes?

Yes, the IRS can take your 401k account if you are eligible to take distributions from it. The IRS cannot take your 401k money if you are restricted from taking money from your account due to plan restrictions or age.

Can the IRS take My pension If I Owe Taxes?

Yes, the IRS can take your pension as it is not a protected asset. They can also take money from Social Security benefits, your bank account and even take your home depending on how much you owe. However, the IRS will usually give you options to pay the money back before performing a levy.

Can the IRS Take My Retirement Money If I Owe Taxes?

Yes, the IRS can take your retirement money if you owe back taxes. Retirement accounts that can be levied by the IRS include:

  • Keogh plans
  • SEP-IRAs (self employement)
  • IRAs
  • Company profit sharing
  • Stock bonus plans
  • Qualified pension plans

How To Defend Your Retirement Accounts

In order to defend your retirement account(s) from Internal Revenue Service seizure is to know that the IRS can only get what you get. More specifically, if you can’t access your retirement money, neither can the IRS. How is this possible?

Many retirement plans deny you access to your retirement funds until you retire, die, become disabled or take a job with another company. Reference IRS Manual 5.11.6.2 for information about government seizures on retirement funds. Also, The IRS cannot force you to terminate your employment.  As long as you stay employed, the IRS cannot have access to your retirement account.  In this case the IRS will look at your wages and other personal assets  to pay your back taxes owed.

However, if you have access to your retirement money, the IRS most likely has access to. Whether they will take money out of that fund depends on whether you conduct leading up to the tax liability was flagrant or not. Conduct deemed flagrant includes, fraud, tax evasion, or making contributions while taxes were not being paid. If you can show the IRS that your conduct wasn’t flagrant or that you depend on that retirement money, IRS manual 5.11.6.2 states that the retirement fund cannot be levied.

The IRS will back off if we can establish that they have no rights to your retirement money. Although, I have seen aggressive IRS officers levy wages, assets, and non-retirement assets, if retirement money is not withdrawn voluntarily.

The Internal revenue service is typically hesitant to take retirement money, and many times they have no rights to your retirement money, but proper negotiation, handling, and knowledge of this process is helpful to defend your precious retirement accounts.

What Do I Do To Keep My 401k, Pension or Retirement Money?

The best way to protect your 401k, pension and retirement money is to setup a payment plan to pay your back taxes. However, if your deliberately didn’t pay taxes, the IRS will seize your money for sure. Although, proving you need the money for living expenses can lower the amount of money they can take.

Don’t Go At It Alone, Stop IRS Levy Today!

Dealing with the IRS can be confusing and frustrating, especially when your retirement money is up for risk. Don’t go at the IRS Alone, Tax Debt Advisors have helped over 108,000 tax payers settle their debt with the IRS. Is the IRS trying to seize one of your retirement accounts? Contact Scott Allen, he has helped resolve over 108,000 tax debts, and has over 39 years of experience in dealing with the IRS.

If you need to file back tax returns, having problems with the IRS or just need a great tax debt advisor, schedule your free tax consultation with Scott Allen E.A. from Tax Debt Advisors today by giving us a call today at 480-926-9300.

Scott Allen E. A.      Tax Debt Advisors, Inc     taxdebtadvisors.com

– – info@taxdebtadvisors.com

IRS Problems
1
Regular Post
Written by Scott Allen

File Phoenix AZ back tax returns

Have you ever received a bill from the IRS on Phoenix AZ back tax returns you did not file?

Well Marcus did and was he surprised to find out the IRS sent a levy notice to his employer.  When Marcus came and met with Scott Allen EA of Tax Debt Advisors he had not filed tax returns in over 10 years and was under a wage garnishment.  As of today Marcus is completely caught up on his Phoenix AZ back tax returns and on a negotiated payment plan with the IRS on a reduced amount.  Below is a copy of a notice showing a successful reduction in tax debt for one of the years the IRS filed on behalf of Marcus.  With the help of Scott he was able to protest their number with a correct and accurate tax amount saving over $6,000.  This is just one a many examples of the excellent work Scott Allen EA can do for you if you qualify.

Phoenix AZ back tax returns

Phoenix AZ back tax returns

Many people who have Phoenix AZ back tax returns to file have no clue on where to even begin.  Their tax records are either lost or in a box “far far away”.  All is not lost and there are ways to accurately prepare of file those tax returns.  Before beginning and tax preparation on any back tax returns Scott Allen EA will want to get an IRS power of attorney to represent you.  With this he will be able to contact the IRS and put a hold to any collection activity and secure what records the IRS may have on you.  If you have old tax debts he will find out what is owed and when do those debts expire.  Yes, IRS debts have a statute of limitations.  Don delay filing those back tax returns you know you need to get done.  Find out that the process is actually easier then you might think.

Interested in seeing other successes of Scott Allen EA click here.

August 2018 update:

Jay and his wife have Phoenix AZ back tax returns that needed to be prepared and settled with the IRS. They owed the IRS for taxes from 2008 thru 2015. You can view that by clicking on the image below. That image is a copy of the IRS settlement negotiated by Scott Allen EA of Tax Debt Advisors. All that debt (over $100,000 of it) was settled into one monthly payment plan of $500. There are several ways or options to settle an IRS debt and its important to know about all of those options before negotiating one particular one.

Phoenix AZ back tax returns

If you have back tax returns that need to be prepared and then settled with the IRS give Scott Allen EA a call today. Year after year he has accomplished similar successes to this one.

BACK TAX RETURNS, IRS Problems, Tax Debt Advisors Reviews, Unfiled Tax Returns
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Written by Scott Allen

Click here for Mesa AZ unfiled tax returns

Scott Allen EA helps with Mesa AZ unfiled tax returns

Tax Refund Less Than Expected In Mesa, AZ

Tax Debt Advisors is the East Valley leader in Mesa, AZ for unfiled tax returns.  His company specializes in the preparation of delinquent tax returns and getting taxpayers back in the system again.  If you desire marriage without financial stress, home ownership, bank accounts, or to start saving again for your retirement contact Tax Debt Advisors today.  They have been preparing Mesa AZ unfiled tax returns since 1977.  Attached is just a recent example of a success accomplished for their client David who had not filed tax returns for five years. Click on the image below to view or click here for more information on unfiled tax returns.

Mesa AZ unfiled tax returns

Mesa AZ unfiled tax returns

Where do I start?

Start by meeting for a free initial consultation with Scott Allen EA of Tax Debt Advisors.  He will sit down with you for 30-45 minutes and breakdown the entire resolution process.  After meeting with him you will understand all the necessary steps needed to accomplish your goals.  Don’t get overwhelmed in the process but rather if you just face each step as it comes to you it will be over before you know it.

As your IRS power of attorney you will be represented before them in all Mesa AZ unfiled tax returns and IRS settlement options.  Don’t go at this alone but rather with a local representative who can guide through the entire process. CAUTION: Be leery of promises made by out of state companies who advertise IRS resolution work.  Often times they make unrealistic promises to get your business.  You want to be able to meet face-to-face with the person you hire. Scott Allen EA does not sell you; he works with you step by step and will not give you unrealistic promises. Speak with him today.

 

August 2018 update:

A recent success story for Scott Allen EA and Mesa AZ unfiled tax returns. Melissa was able to get all of her unfiled tax returns prepared and filed through Scott. Upon completion of those returns a “Case Closed – Currently Non Collectible” status was negotiated for all her back IRS debt. Melissa is not required to pay a dime on her back tax debt as long as she remains in filing and paying compliance on all future tax filings. See the IRS approval notice below.

Mesa AZ Unfiled Tax Returns

To see what options are available for you to resolve your IRS debt speak with Scott Allen EA today. He will make today a great day for you!

 

IRS Problems, Tax Debt Advisors Reviews, Unfiled Tax Returns
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Regular Post
Written by Scott Allen

Stop IRS levy in Mesa AZ today.

Find out today if you qualify to stop IRS levy in Mesa AZ.  Its always best to resolve your IRS matter before they resort to levy action either to your bank account or wages.  However, if they do all is not lost.  There are options to stop IRS levy in Mesa AZ.  Call and speak with Scott Allen EA today at 480-926-9300.

Stop IRS Levy Mesa AZ

Stop IRS Levy Mesa AZ

To briefly sum up what happened with this taxpayer.  Last week he called and talked with Scott Allen EA about 11:30am in a panic.  He had just found out 10 minutes prior that his wages were going to be garnished by the IRS.  Payroll was set to be issued by 2:00pm the same day.  All of the company’s payroll is done out of Illinois.  Scott Allen EA told the client to come on down with the payroll departments information so IF a stop of the IRS levy is possible it can be sent right over via fax.  Scott nor anyone can guarantee an immediate stop to the IRS levy in Mesa but will do any negotiating possible to get that relief.  Long story short Scott Allen EA was able to get the levy release for the client.  A copy of the release was faxed to Scott Allen EA’s office along with a copy sent to the taxpayers payroll department by 1:52pm.  Just barely in time for them to not levy his next paycheck.  In this email is a copy of that release.

Its important to remember that this is not the end of the road for the taxpayer.  This is actually just the beginning.  He has some unfiled tax returns that need to be prepared and will also need to get into a permanent agreement with the IRS to prevent future levies from happening.  As of today Scott Allen EA is working with the client closely to get those tax returns prepared as quickly as possible.  If the client does not meet the agreed terms then the IRS can place the levy back on his wages and they will most likely keep that there until he is in full compliance with the IRS which can be difficult to accomplish with the IRS taking 60% of his paycheck.  If you need stop IRS levy in Mesa AZ Scott Allen EA should be your stop.  He has the aggressive tools to work with the IRS and get you the best possible settlement allowable by law.

tax debt advisors

August 2018 update on Stop IRS Levy in Mesa AZ for a new client:

Stop IRS Levy in Mesa AZ

The above taxpayers were facing a levy from the IRS on a very old tax debt. This debt was from a tax return that the IRS filed (not the taxpayers). This created a very large balance due with additional interest and penalties. In discussion with the clients it was determined that the best solution to stop IRS levy in Mesa AZ was to prepare a correct tax return showing the IRS the more accurate liability and negotiating an agreement on the smaller amount. Just by preparing a proper tax return it saved the clients over $8,800. The less someone owes the IRS the less aggressive they are.

Meet with Scott Allen EA if you feel the IRS is being too aggressive with your case. He will help you discover the best possible solution.

IRS Levy, IRS Problems, Tax Debt Advisors Reviews
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Regular Post
Written by Scott Allen

Should I use a Phoenix AZ IRS tax attorney?

tax attorney mesa az

 

One of the most important questions you will ask if you have an IRS debt is do I need a Phoenix AZ IRS tax attorney?  Often times taxpayers think that their only recourse to get an IRS resolution is to use a tax attorney.  We are hear to inform you that there are other options available to you.  Tax Debt Advisors, Inc near Phoenix Arizona is a tax company what specializes in IRS debt settlements.  They are a family business that began in 1977 and are still operating today.

Remember very few IRS debt matters require legal representation of a Phoenix AZ IRS tax attorney.  If you have unfiled tax returns, have a large IRS debt to settle, or an audit to go thru then you can use the services of Scott Allen EA with Tax Debt Advisors.  He can represent you from beginning to end as your IRS power of attorney.  Success in dealing with the IRS comes from years or experience in dealing with the IRS personnel and employees.  Scott Allen EA is in the “trenches” day in and day out negotiating with the IRS in matters of collections and audit. There is a proper formula that he will go through with you within your particular case to ensure a positive outcome.  That formula can be found by clicking here.

If you are currently with a Phoenix AZ IRS tax attorney and feel like you you are not getting the results you desire look to Scott Allen EA for a honest second opinion.  If you desire to make the switch he can file an IRS power of attorney form and begin his representation today.  To build that trust he only charges fees as the work is accomplished (pay as you go); not large upfront retainers without guaranteed services.

Call Scott Allen EA today and finally put your IRS nightmare behind you once and for all.

 

 

July 2018 update:

This year Scott Allen EA completed an IRS penalty abatement process for his client Joseph. Not everyone qualifies for penalty abatement cases but its always important to look into to see if you might have a reasonable cause. You may have a 50-60% chance of acceptance. Falsely, taxpayer will believe they need a Phoenix AZ IRS Tax attorney to handle debt and collection matters with the IRS when in fact that isn’t true. Most IRS matters can be handled by an EA or CPA as well. As mentioned earlier call and speak with Scott Allen EA about the tax matter you are facing whether it be penalty abatement, unfiled tax returns, or an audit.

Phoenix AZ IRS Tax Attorney

 

IRS Problems, IRS Tax Attorney
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Regular Post
Written by Scott Allen

Stop IRS levy in Scottsdale AZ without a tax attorney: It is possible!

When a taxpayer gets a notice of an IRS levy they assume the only way to stop it is with a Scottsdale AZ IRS tax attorney. That is not the case. Below is a copy of a notice from the IRS for a clients tax return that he was getting levied on.  He came to see Scott Allen EA to get a stop to the IRS levy in Scottsdale AZ.   Scott is a licensed Enrolled Agent who specializes in stopping IRS levies.

scottsdale stop irs levy

Robert and his wife came in getting levied on their 2007 tax return.  It had been going on a while and they didn’t know how to get it stopped.  After Scott Allen EA was able to review the situation and speak to the IRS on their behalf it was determined that the best way to stop the IRS levy in Scottsdale AZ was to correct the 2007 tax filing that needed to be protested which in result eliminated the tax owed.  By doing so and faxing the return and information into the IRS directly Scott was able to get an immediate stop to the levy.  Once the tax return was approved and posted, the money that was under the levy was able to be refunded to Robert and his wife.  Talk about a big stress relief for them!  Scott Allen EA deals with these issues on a daily basis and understands how to navigate the IRS personnel to get you the best possible result.  Don’t be under the “choke hold” of a Scottsdale AZ IRS levy any longer.  If you are considering hiring a Scottsdale IRS tax attorney may I suggest giving Scott Allen EA a call today for a honest no obligation appointment.  Remember if the person you decide to use to represent you before the IRS does not lift you up in the process but relies on fear tactics does not have your best interest in hand.  Call 480-926-9300 today and I promise Scott with make today a great day for YOU!  He will get done was needs to be done to stop IRS levy.

www.PreventIRSLevy.com

stop irs levy scottsdale

 

July 2018 update on another case:

Check out the IRS approval notice on another case Scott Allen EA resolved for someone in Scottsdale AZ. An IRS levy was avoided for this concerned taxpayer as he got back into compliance and let Scott Allen EA negotiate an agreement for him.

Don’t need a Scottsdale AZ IRS Tax Attorney for this

IRS Levy, IRS Problems, IRS Tax Attorney, Tax Debt Advisors Reviews
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Regular Post
Written by Scott Allen

Do I need an AZ Gilbert IRS Tax Attorney for IRS Tax Settlement?

No, IRS tax settlement is not a legal matter.  You do not need an IRS Tax Attorney in Gilbert AZ.

What you need is someone who is local that you can meet with face to face that you have confidence will keep their commitments to YOU.  Scott Allen E.A. is your best choice for getting an IRS tax settlement that meets your expectations.   This will be evident during your free consultation with Scott.  He can be reached at 480-926-9300.  When you come to your first appointment, it is important that you bring all notices you have received from the IRS.  If you are married, you should attend your initial meeting with both spouses present.  There are important facts as well as questions that each spouse wants answers to.  It takes two spouses involved in the process to achieve the results both are expecting and able to comply with.  Reducing your tax debt on delinquent tax returns as well as the associated interest and penalties requires input from both spouses.   Take action today.  Each day you delay taking action will only make your IRS tax problem worse.  Call Scott Allen E.A. (near Gilbert Arizona) and Scott will make today a great day for you!

 

July 2018 update:

Sometimes facing an IRS debt is difficult to face. Taxpayers continue to put it off month after month. When this happens a lien, levy or garnishment can happen. For Jesse that is exactly what happened. The IRS issued a notice of levy to his employer demanding payment for back taxes owed. Scott Allen EA was able to successfully negotiate a release of that levy. Scott is often asked if he is a Gilbert AZ IRS tax attorney. The answer is no and more than likely a tax attorney is not necessary. Speak with Scott Allen EA today to learn more about his services.

 

Below is a copy of the release of levy on Jesse’s wages that was accomplished by Tax Debt Advisors, Inc.

Don’t need a Gilbert AZ IRS Tax Attorney to do this

IRS Problems, IRS Tax Attorney, Unfiled Tax Returns
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Regular Post
Written by Scott Allen

Mesa Enrolled Agent vs. Mesa AZ IRS Tax Attorney

Hire a Mesa AZ IRS Tax Attorney ?

Experience means a lot to most of us, rightfully so.  Some will make the assumption that a tax attorney has more experience then the rest of the “league”. But, does a Mesa IRS tax attorney have more experience the a Mesa AZ Enrolled Agent?

It is a very good question anyone should ask who has an IRS debt problem or back tax returns that need to be filed. Taxpayers can confuse experience with education background.  Scott Allen EA of Tax Debt Advisors will admit that Mesa AZ IRS tax attorneys have more education but the critical question to ask is that education in IRS settlement work?  IRS settlement work is expertise unto itself. You cannot get it through a class or education.  It comes from years and years of working out IRS settlements for taxpayers like yourself and establishing good healthy relationships with the local IRS employees.  Scott Allen EA has worked with most of the local IRS agents multiple times.  That kind of relationship and trust can work to your advantage.

Over the past 41 years Tax Debt Advisors has resolved over 108,000 IRS debts. We pride ourselves on complete follow through service throughout the entire process.  There is more information to read about the IRS settlement process on his website.  Tax Debt Advisors has always been and always will be a family owned business that is now on to its second generation of ownership.  To find out if Tax Debt Advisors is the right choice for you call and schedule a free confidential appointment to meet with Scott Allen EA who is a licensed Enrolled Agent.  He can be reached at 480-926-9300.  He can handle the 98% of cases that do not require the need of a Mesa AZ IRS Tax Attorney.  Again, call Scott Allen EA first for your second opinion.

tax attorney mesa az

 

Scott Allen EA @ 480-926-9300

 

February 2018 update:

He is successfully still resolving IRS matters. View the notice be to see how he saved a taxpayer $154,698 for his 2009 tax year. As an Enrolled Agent Scott is fully licensed to handle these matters before the IRS. Again, before calling a Mesa AZ IRS tax attorney get your first opinion from Scott Allen EA.

Don’t need a Mesa AZ IRS Tax Attorney to do this

 

IRS Problems, IRS Tax Attorney
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Regular Post
Written by Scott Allen

2018 Peoria IRS Settlement

What is a 2018 Peoria IRS Settlement?

A 2018 Peoria IRS Settlement is a successful agreement between an Arizona taxpayer and the Internal Revenue Service to solve a tax debt. Mike was in need of this service and went to Tax Debt Advisors to get this done. He had ten tax years that he is delinquent on. See the notice below to view his accepted Peoria IRS settlement.

2018 Peoria IRS Settlement

What does a “Case Closed – Currently Non Collectible” statue mean? It means that Mike does not have to pay anything back to the IRS on his delinquent debt. He has also agreed to file and full pay his current and future tax obligations. It is basically a $0 a month payment plan.  Based upon a detailed analysis of his finances it was determined that he did not have any extravagant living expenses and could not afford an IRS payment plan at this time. A currently non collectible status is just one of several ways to resolve an IRS debt. It is important to explore all options before making a final decision.

What are the available options?

1. Let it expire
2. Suspend it (Currently Non Collectible)
3. Adjust it
4. Pay it
5. Compromise it
6. Discharge it

Tax Debt Advisors is a family owned tax practice in Arizona. It has been solving IRS problems since 1977. It is currently owned and operated by Scott Allen EA and has been since 2007. Before that it was owed by his father. Over time Scott Allen EA purchased the firm from his father and has never looked back. He has taken the existing business and grown it year after year. Specializing in unfiled tax returns and IRS settlements has its rewards in helping struggling taxpayers get back on their feet again. This is the true joy of doing this type of tax work.  If you are currently struggling with an IRS matter give Scott Allen EA a call to discuss your situation.

 

BACK TAX RETURNS, IRS help by state, IRS Problems, Tax Debt Advisors Reviews
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Regular Post
Written by Scott Allen

Mesa IRS Currently Non Collectible

Case Closed – Accepted Mesa IRS Currently Non Collectible

A tax client named Scott received an approval for a Mesa IRS Currently Non Collectible status on his back tax debt. Scott and his wife were about six years behind on their tax filings. They made an appointment to meet with Tax Debt Advisors to discuss how they could assist. Tax Debt Advisors was able to represent the concerned taxpayers before the IRS and put a hold to further enforcement action. All the back tax returns were prepared one at a time until brought current. Scott is self employed so with no taxes being withheld they owed for each and every year. However, based upon their current financial status the taxpayers qualified for a currently non collectible status on all the back tax years. You can read into more about this status by clicking here. In addition you can read the acceptance/approval letter from the IRS agent below. These are always good IRS letter to open up to say the least.

Mesa IRS Currently Non Collectible

Mesa IRS Currently Non Collectible

All the client needs to do is to file and pay on time their future tax obligations and they will remain in this status. If they do not then it will cause a default and they will have to rework a new agreement. If that happens they may or may not qualify for the same agreement if their financial situation has changed. What if the taxpayers are making $800 more per month then they were when the agreement was established? Now the IRS could force them to agree to an $800 a month payment plan. This is something you do not want to happen. Again, the key to keeping the IRS “off your back” is to remain in filing compliance. Far too often clients will become repeat clients because they cannot correct the problem.

Rather then becoming a repeat client, do it right the first time with Scott Allen EA of Tax Debt Advisors in Mesa AZ. Speak with him today regarding your IRS matter.

BACK TAX RETURNS, IRS Problems, Tax Debt Advisors Reviews, Unfiled Tax Returns
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