Retirement Plan Seizure  

Retirement Plan Seizure

There are many reasons why a creditor may file to place a lien or seize a person’s assets with the various court systems. Unpaid debt is the leading cause of companies continuing their collection process to recoup monies owed. However, in most situations, a person’s retirement plan is safe from being seized. That is, unless the person owes money for back taxes. When it comes to taxes, the government can and often does move forward with a retirement plan seizure.

When the creditor is the IRS, nothing is safe. The IRS has the authority to seize 401(k) plans, IRAs, Social Security benefits and pension benefits. In most cases, the IRS will go after retirement plans when all other means of collecting the money owed have been exhausted. Keep in mind, the IRS can only access retirement money that is available. If the taxpayer does not have access to the money, the IRS cannot get it either. But once that money is available, the IRS has first right to access the money.

The main reason why the IRS would look at seizing a retirement account is when someone has a large amount of back taxes. Prior to threatening retirement accounts, the IRS will send letters and notices demanding payment. Retirement accounts are at risk of seizure when these notices have been ignored or have not been unacknowledged. They are also at risk if there are no other assets available to settle a back tax debt.

It is possible to defend retirement accounts from being seized. The first method is to show proof that the money is currently needed for survival or will be in the near future. The second method is to start an open conversation with the IRS. Let them know your situation and explain why the retirement account is needed. By ignoring the IRS and keeping them away from the money will make it look like a person is evading their tax responsibility.

As mentioned above, the IRS cannot access money if the taxpayer cannot. Many retirement plans deny access until retirement, death, becoming disabled or taking a job with another company.

As mentioned above, The IRS may legally access retirement plan money if the taxpayer has access to the retirement funds. Some circumstances under which retirement plans may be considered accessible include taking a job with another company, when becoming disabled, upon retirement and ultimately death. If it can be proven a taxpayer cannot access the money or they need their retirement money to survive, the IRS may back off. The IRS typically does not go right for retirement accounts and these accounts can be protected from a tax levy.

Those wondering if the IRS can seize their retirement accounts or not should take the time to seek a professional help. Certified tax professionals can help to determine if the accounts are at risk. A tax attorney or tax expert with knowledge of the process and sharp negotiating skills is the best defense against IRS collection actions.

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4.8 out of 5 star

10 reviews

Jess T.
2019, July 30, 5:31 pm

Coast one Financial saw my family through

Coast one Financial saw my family through our entire settlement to the end! They did everything they promised, and got us a major settlement savings! My husband and I can\'t thank them enough!

snifflepuff13
2019, June 20, 1:42 pm

Coast one helped me out when I was up against the IRS

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2019, June 20, 1:31 pm

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2019, May 15, 1:43 pm

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2019, May 3, 1:32 pm

My husband and I had about $40,000 in tax debt

My husband and I had about $40,000 in tax debt from some difficulties we had experienced a few years ago. The *** refused to make payment arrangements with us after we’d broken our past agreement following a job and personal losses. We’d seen these tax relief advertisements but wondered if it would work for us. I got an offer to help us by Coast One Financial Group.. I called them and left a message. An attorney called me back and asked if he told me for a few thousand (about $3000 I think) I he could help eliminate $10’s of thousands of dollars of *** debt. I said i’d Love to but didn’t have enough to pay them. He offered us a payment arrangement that we could afford and we did it. We ended up paying the *** $259.00 in exchange for eliminating $40900 of tax debt. We got the letter this week that our tax lien will be lifted within 30 days. This year we filed our taxes and paid them in full! What a relief and burden was lifted thanks to Coast One Financial and their attorneys. I would recommend them to everyone. They are amazing!

Reply from Coast1Tax :

2019, May 3, 1:32 pm

Thank you!

stephen k
2019, May 2, 1:59 pm

will tell many people to call

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Reply from Coast1Tax :

2019, May 3, 1:59 pm

Thank you!

Reginald G
2019, April 3, 2:00 pm

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Reply from Coast1Tax :

2019, April 3, 2:00 pm

Thank you!

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2019, March 25, 2:01 pm

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Reply from Coast1Tax :

2019, March 25, 2:01 pm

Thank you!

Ranting with Reg Hollywood
2019, January 15, 1:46 pm

step by step guidance

Thank you so much for your patience and step by step guidance, You guys are great and would recommend anyone who have a IRS problem to you guy. Thanks a million you guys rock. I appreciate everything you\'ve done

S. Atika
2018, August 30, 1:47 pm

I owed $44,000 and walked away paying $123 NO JOKE!

Coast One allowed me to have peace again. I was in debt over my ears and saw no way out. With a little time and patience they took me out of debt and gave me my life back. I owed $44,000 and walked away paying $123 NO JOKE! Thank you to the amazing team at Coast One!

Reply from Coast1Tax :

2018, September 1, 1:47 pm

On Behalf of Coast One, we thank you!

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