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IRS Power to Collect Back Taxes


Opening the mailbox and finding a letter from the IRS could be frightening, but what happens next can be even more. The IRS wields incredible power, and if they claim you owe additional taxes, they have various options for forcing you to pay.

When the IRS claims you owe additional money, they will move quickly, and that could leave you reeling, and trying hard to preserve the money you need to pay all your bills. If you are employed, the IRS can reach into your paycheck, forcing the company you work for to withhold part of what you owed until the tax debt has been completely satisfied.

The tax agency can also hold onto any tax refunds and government payments you would otherwise be due. If you have been waiting for that tax refund check to arrive, you could be waiting a long time if you owe taxes.

As if all this were not frightening enough, the IRS also has the power to levy your bank accounts, including personal or business account. Those bank account freezes could leave you without the cash you need, putting you in a real bind and forcing you to pay back what you owe.

Your home could even be at risk if you owe money to the tax agency. The IRS could, for instance, apply for a lien against not only your primary residence but any other real estate you own. The threat of this kind of action has compelled many taxpayers to cough up the money the agency says taxpayer owe, even if they think they are wrong.

As you can see, the IRS has plenty of power, and the tax agency is often unwilling to settle for less than the government says you owe. If you disagree with the amount they are asking for, or if you simply do not have the money to pay the tax bill, you need to act fast. Ignoring the problem will only make it worse, and you cannot simply pretend that you never pulled that fateful envelope out of your mailbox.

If you are on the wrong end of a compliance action by the tax agency, you cannot afford to leave anything to chance, and you certainly should not try to fight back on your own. The tax code is complex, and far more pages than the Bible, and like that holy book, many of the terms are arcane and difficult to understand.

When fighting them, you need the help of a professional, and that is where a tax resolution expert comes into play. By working with a professional you can fight back on an even playing ground, and the money you save could be worth far more than the fee you pay.

Our firm specializes in tax resolution and helping people who owe the IRS or state $10,000 or more. We’ve seen taxpayers get blindsided every year by a huge tax bill and often falling behind on their taxes for years on end. If that’s you, we can help. Contact our firm today to discuss your tax debt settlement options. www.wesolveyourirsdebt.com.

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