Although tax problems can be stressful, many people - from individuals to families - here in Florida and nationwide, have found that they have legal tax relief remedies available to them. These include tax relief settlements, offers in compromise, financial hardship consideration, and other relief options.
The following are the most common IRS tax enforcement measures facing individuals and businesses:
A person owing federal taxes to the IRS, even state taxes, can lead to what's commonly called a tax "lien." Defined as an enforcement measure against a person's name, a tax lien is a publically-recorded document which appears on a credit report. Such negative information can make it difficult to secure other types of credit, including new car loans, home loans and other consumer things. It can even make it harder to sell an asset such as a home or other property.
Continue for help with a federal tax lien or state tax lien.
IRS Tax Levy (Bank or Other Assets)
Routinely described as an "aggressive collection measure", the IRS tax levy is used to collect back taxes owed to the IRS, and is used nationwide, including against those residing in Florida. Pursuing these assets, even the seizing or freezing of these assets can and does occur. During a bank-levy, assets in the account are forwarded to the IRS. These levies generally occur when the taxpayer ignores or takes too long to respond to IRS officials and collection efforts initiated by the IRS.
Continue for help with an IRS Levy or helping to stop an IRS Levy.
A wage garnishment is another common method used by the IRS to collect back taxes. A letter is sent by the IRS to your employer requiring the employer to "withhold" a portion of your paycheck. That portion is then forwarded automatically to the IRS for the back taxes owed. There are proactive measures and steps you can take to help avoid a wage garnishment or stop a wage garnishment if it has already occurred.
Payroll Tax Delinquency
It's an unfortunate fact that employers get into a tough situation where they may fail to properly withhold taxes on behalf of their employees. When that occurs, the IRS may seize assets of those companies, the or the owner(s). Such seizing of assets includes bank accounts, real property or other possessions owned. If you own or manage a business and payroll taxes are not being properly withheld you are putting yourself or business owners at risk. If you need help in working with the IRS to address payroll tax delinquency it is important to take steps as soon as possible to address the issue so that a bank levy or lien isn't imposed as a collection measure or IRS enforcement action isn't taken. Or you can get help in settling or negotiating with the IRS if you have already experienced a collection action such as a lien or levy.
Unpaid Back Taxes
When taxes are not paid when due, leading to back taxes owed, there are a handful of serious collection and enforcement measures routinely used by the IRS. As mentioned above, these include: wage garnishments, bank levies, tax liens, and other measures employed by the taxing agency. A common mistake is to simply ignore IRS tax problems, thinking they'll just "go away." They will not. In fact, ignoring the IRS means things will likely get much worse and could even destroy your finances. The good news is that tax relief is available to help individuals in distress with tax problems and tax issues. By understanding your tax relief rights and options available, you may be able to not only resolve your IRS issue amicably, but possibly save thousands of dollars as well.
Get a free tax relief consultation for unpaid back taxes.
Interest and Penalties on Back Taxes
Late payment fees and interest assessed for back taxes owed to the IRS can add up very quickly and can even- if ignored or dealt with improperly - result in the doubling of what you owe. You could wind up paying twice or even three times the original taxes owed. Internal Revenue Service penalty assessments for failure to file, failure to pay, even the failure to deposit funds quickly enough, can add quickly, increasing the "damages". If you owe back taxes to the IRS, do not ignore the issue before interest and penalties, and IRS enforcement actions such as a lien, garnishment, or bank levy occurs.
Get relief or tax abatement for issues related to IRS back taxes owed or IRS interest and penalties.
IRS Collection Letters
The worst thing a federal taxpayer living in Florida - especially those burdened with IRS tax problems can do, is to ignore IRS collection letters. Persons who decide to ignore, can expect follow-up letters which are even more serious - including intent to act by seizing assets, levying of bank accounts, or garnishing of wages. See the list of common IRS letters or for help in responding to an IRS collection letter
Experiencing tax problems?
If you answered "yes", you can get help before the IRS takes serious action against you. The IRS is not a typical creditor nor do they act like one. They have a special and preferential status. Most importantly, the IRS is not required as are other collection agencies, to file a civil law suit before obtaining a civil judgment against you. The IRS calculates whatever tax debt is owed, letting you know what that debt is (generally by certified or registered letter) and then collecting by whatever means legally available.
The IRS is a very powerful entity. One that should never be ignored. Choosing to do so may well result in a seizing of your assets and property, bank accounts, or wage garnishment.
If you owe the IRS back taxes, you can get a free tax relief consultation by answering a few simple questions online. Start now