Do you owe money to the IRS?
Do you have sufficient money or assets to pay the IRS liability in full but don’t intend to do so?
In that event, the IRS may seek a Temporary Restraining Order against you.
In a March 2014 legal case, the IRS brought suit to reduce it’s claim to judgment for the tax liabilities of David and Margaret Cannon and sought to foreclose it’s federal tax liens on Margaret’s stock in Bay Island Hermitage, S.A.
The IRS immediately filed a request for a Temporary Restraining Order in the United States District Court seeking to prohibit David and Margaret Cannon from dissipating any proceeds from the anticipated sale of their stock.
The value of the stock would be sufficient to pay the tax liability due to the IRS in full. However they made a mistake and told the IRS that they would not pay their IRS liabilities with the proceeds of the sale of the stock.
The District Court granted the IRS a Temporary Restraining Order against the taxpayers from selling the stock.
Do you owe money to the IRS? Will your assets cover that liability? It’s important to seek legal counsel to make sure you are not putting yourself or your assets in jeopardy.