Billionaire Tax Case Shows IRS Can Act Fast on Risky Collections

Much has been made of those new 87,000 armed IRS agents waiting to seize your assets—including your home and your small business—by force.

Only that’s not true. Thousands of new armed agents aren’t heading your way. And the IRS assessment and collections processes are much more complicated than storming the premises—the agency is required by law to follow specific procedures.

But what happens when, as taxpayers may fear, the IRS colors outside of the lines? There are processes for that, too, which may include filing suit to right the alleged wrong. That’s precisely what happened in a recent high-profile ...