Best Tax Attorneys in Glendale, CA

The Collection Statute Expiration Date (CSED) is the date after which the IRS can no longer collect tax from you. It is typically 10 years following the date the tax was assessed. The tax must be assessed before the CSED starts. So, if you did not file a 2012 tax return until 2014, the 10 years will not begin until 2014. Certain events can prolong the CSED.

Currently Not Collectible (CNC) is essentially a IRS hardship status. You owe the IRS a certain amount of money, but you have no way of paying it. The IRS has checked your assets and your monthly income and expenses. This can be temporary and is often subject to review every couple years.

A transcript analysis is important because it helps to establish your location in the overall process. How far away from a solution you are and what needs to be done to get you there.

When the IRS levies your bank account it is a one-time action. The bank is supposed to hold the funds for 21 days. The IRS can issue other levies, but the levy the bank received only applies to the money in the account the day it was received. Money deposited after is not affected by the levy. For example, the bank gets the IRS levy on Monday. Your bank balance is $5. The bank will freeze $5. The next day your paycheck gets deposited. That money should not subject to the levy.

Yes, but not without ample warning. It takes a lot for the IRS to resort to seizing your home. The IRS does not want to make people homeless or uproot American lives. They will do so in cases where there is no alternative action. The fastest ways to get your house seized are ignoring the IRS and/or continuing to add to the problem year after year.