Inside The IRS: How Tax Collection Works

Episode Summary In this episode of Resilience and Resolve, Lance Drury and Kevin Rosenquist discuss how the IRS tax collection process works, including the steps taxpayers can take to avoid penalties and how to resolve issues with the IRS. Lance shares his extensive experience working with IRS revenue officers and agents, and offers valuable advice on what to do (and what not to do) when dealing with unpaid taxes. Topics covered include common IRS actions, such as levies and garnishments, the IRS's collection process, tax liens, and the rights taxpayers have during collection. They also discuss the importance of professional help in navigating the complexities of tax issues.   Timestamps: [00:00:25 – 00:01:29] Lance's background and experience with the IRS [00:01:42 – 00:02:43] Common misconceptions taxpayers have about the IRS [00:02:56 – 00:04:40] Overview of the IRS tax collection process, including notices and levies [00:04:47 – 00:05:16] IRS scams and the importance of recognizing them [00:05:16 – 00:06:03] IRS collections actions: garnishing wages, bank account seizures, and more [00:06:03 – 00:07:21] Tax liens: what they are and how they affect property and financial situations [00:07:28 – 00:08:03] IRS collection actions on personal assets, including vehicles and financial assets [00:08:04 – 00:09:00] IRS collection of retirement funds and tax intercepts [00:09:09 – 00:10:19] IRS collection on investments, including stocks and crypto [00:10:23 – 00:11:03] Taxpayer rights during the IRS collection process [00:11:03 – 00:13:40] Rights to representation, reasonable timeframes, and the complexity of IRS documentation [00:14:43 – 00:15:28] The importance of professional help when dealing with the IRS [00:15:28 – 00:17:34] Real-life case story: Resolving a million-dollar IRS levy   About The Show In this episode of Resilience and Resolve with Lance Drury, Lance Drury and LPN host Kevin Rosenquist discuss the intricacies of IRS tax collection, offering insight into how the IRS operates and the various actions it can take to recover unpaid taxes. With over 20 years of experience working with the IRS, Lance shares his expertise on topics like installment agreements, levies, liens, and taxpayer rights during the collection process. The episode highlights the importance of professional help in navigating IRS issues and provides practical advice on how taxpayers can protect their financial interests when dealing with the IRS.