Busted! Don’t Believe These Federal Tax Levy Myths!

Public accountants help with tax levy preparation and filing. They also assist with asset protection, estate planning, bookkeeping and accounting. They provide information about tax laws and regulations along with helping with asset protection and estate planning.

Many myths are floated around about accountants and taxes, in general. These myths can discourage someone in need of hiring a professional accountant. The accountant can help identify deductions and credits that a filer might not even be aware of.

To help you steer clear of these misconceptions, CHRISTOPHER CARMONA, CPA, CFE, CALIFORNIA DIAMOND BAR, CA has debunked some of the most widely believed myths about taxes.

Myth 1: Seizure of a taxpayer’s assets is to settle back tax debt

When the taxpayer fails to pay the past taxes, their assets are seized, this is known as a tax levy. A wage cut, seizure of a bank account or even a possession of the taxpayer’s money could be a possible outcome in case of failing to pay the taxes. However, the tax levy is not a way to settle back tax debt. There are other ways used to collect what the taxpayer owes.

Myth 2: Levies can be a cause of embarrassment and economic devastation

Contrary to popular belief, the IRS has a whole process at work before issuing levies. However, even after several reminders, the taxpayers ignore the IRS notices they impose levies. This often leaves the defaulters shocked, and they seek to employ an expert to assist them.

If you’re looking to steer clear of these myths, reach out to CHRISTOPHER CARMONA, CPA, CFE, CALIFORNIA DIAMOND BAR, CA. as the best Certified Public Accountant in Diamond Bar, Los Angeles County.

We serve clients across Diamond Bar, Los Angeles, Oceanside, Orange County, Riverside County, San Diego County, and the surrounding areas.

For a complete list of our services, please click here. If you have any questions about CHRISTOPHER CARMONA, CPA, CFE, CALIFORNIA DIAMOND BAR, CA, we’d love to hear from you, please contact us here.