Owing back taxes to the IRS is a complicated matter. There are many different ways the IRS can collect what you owe them, if you fail to pay your tax bill. Here are a few examples of ways the IRS can collect money from you.
- Wage garnishment – The IRS can make your employer send your paycheck to them, instead of you.
- Property levy – This is where the IRS seizes property or assets, such as homes, cars, boats, or retirement accounts, to pay your taxes owed.
- Property lien – With a lien, the IRS makes a legal claim on your property. If you try to sell the item they have a lien on, such as a car or a house, the IRS will get the proceeds to pay off your debt.
- Penalties and interest – When you owe taxes, the IRS can charge you penalties and interest until you pay. These can accrue and can become a large amount over time.
If you are facing any of these from the IRS, you need tax resolution services immediately. Contact us at Levy and Associates for help. We have many years of experience in dealing with the IRS, and we will negotiate with the IRS on your behalf for tax relief.