Need advice for levy notice
For the past three years, we have been attempting to complete an OIC to settle a substantial tax debt ($100K+). We have finally accepted that this route will not work and we are exploring other settlement options. The debt spans six years, four of which we were not married, two in which we were. I filed separately during the two years of marriage. We have filed jointly since then and paid all taxes due.
We have received notice of intent to levy for the six tax years. I'm wondering what I can do to protect the meager amount of cash we have in our bank accounts. If I open an account solely in my name, would the IRS be able to levy/freeze that account? Would it be considered fraudulent if my husband wrote checks to me from his account (where his wages are deposited) for deposit into my individual account?
Any help is appreciated. Thank you.
Re: Need advice for levy notice
If the levy is against both of you, what good would it do to have money under your name - it's your debt as well. Also, trying to hide his money in your accounts is a bad idea - if it is deemed a fraudulent conveyance when they try to collect it, you may end up with them being able to claim all of the money in your account for his debt.
Re: Need advice for levy notice
No, I was not addressed in the levy, just my husband. And when they levy our accounts, they're going to take everything in there anyway, right?
Re: Need advice for levy notice
Quote:
Quoting
bigtrouble
No, I was not addressed in the levy, just my husband. And when they levy our accounts, they're going to take everything in there anyway, right?
They will levy on your husband's interest in any property (real, personal, mixed).