Can the IRS take his savings or checking account?

Question

My fiance owes money to IRS but he has a payment plan that he is paying and he is planning on opening a savings and checking account

Answer 1

If there is one thing I know about Uncle Sam and money it is this;

When they owe you money it's "please allow 4 to 8 weeks for processing"

When you owe them money it's "give us our money or we will seize your assets"

If he's set up payment plans WITH THE IRS he should be fine as long as he holds his end of the deal.

Answer 2

if one owes the IRS and unless your working for cash they will come after you for the money unless you have made arrangements to make payment. they can attach to your home or other assets that you have and even sieze them and sell then if your property didn't bring enough to cover the amount owed they can come after you for the difference.

Go to a good tax person. Not just a H & R Block but someone that can do you some good. They maybe able to negotiate you out something.

For now don't open any Joint accounts as if you put your hard earned money in there you could loose what you've put in too...

But for the best advise check with a tax person...

Answer 3

Let's assume the taxpayer is honest, but sloppy. Let's assume young naive taxpayer gets major gifts/loans from family members as he tries to get his business off the ground. Or, gee, hasn't been paid yet, so he pays the credit card bill/business expenses from his personal account. Then, lo and behold, the taxpayer is selected for an audit and is asked to produce *all* bank statements, business and personal. Then the taxpayer is asked to explain every deposit. Look at your bank statements at the deposit section. Mine are pretty mysterious. Date and amount and that's it. If I can't explain the amounts pretty quickly, the auditor is going to count the money as income. If I go, oh, that's a gift/loan from Aunt Gertrude, the auditor is going to ask for a letter from Aunt Gertrude (or worse her bank statements too). Thus, may I recommend the following low-tech piece of advice. BEFORE depositing any check, photocopy it and put the photocopy *with* the bank statement. That way if it's a gift check, the word gift is on the memo line. Ditto "loan" checks. If you are transferring money from one account to another via check, you would remember it (and not double count the money). My relative would even make a second photocopy, write the deposit information on the photocopy, and then store it with the matching invoice from his client. As a cash basis taxpayer it could be months between doing the work and getting paid...and it was critical to know *when* he got the money. (Copiers have gotten reasonably cheap. I'm on my second one and I don't even have a business to justify having it.)

Answer 4

My husband was in the same situation before we were married. He is currently on a payment plan, making payments and has a checking, savings and a cd. They haven't touched any of those.

Answer 5

As long as he makes his payments they won't. But yes they can take your checking, savings, and retirement account if you owe back taxes. They can basically take all your valuables in collections by the IRS.

Answer 6

They usually honor the payment agreements so as long as you stay current with the payment schedule tey shouldn't touch the account. However, if you miss a payment they would probably go after the account

Answer 7

Honey, IRS can even take you away from him... i don't think so, as long as he has a payment plan and is keeping it up, there should be no problem...

Answer 8

As long as he stays current with his payment plan he will be fine. Gets behind yes they will come and take it all!!

Answer 9

As long as he keeps current on his payment plan they won't levy his bank accounts.

Answer 10

YES THEY HAVE DONE IT TO OTHER PEOPLE I KNOW AND DONT TELL YOU IN ADVANCE