Did you know that if you fail to pay your income taxes to the IRS, they have a full arsenal of weapons they can use to recoup those funds? Owing federal taxes, for whatever reason, can lead to a very uncomfortable situation for anyone unfortunate to find themselves there. For those people in a large amount of debt to the Internal Revenue Service, the most persuasive weapon the government can use to get them to pay their debts, either by choice or force, is a taxy levy on their property.
What exactly is a tax levy? After going to court and seeking the approval of a federal judge, the IRS places a lien on a car or home which can enable them to possess it and sell it, using the money gained from that sale as a means of satisfying a debtor’s account. This possibility is just one tactic the government takes when you owe federal taxes. A federal tax levy on a debtor’s property is the most severe of penalties, but it is not the only one.
The IRS can also place a garnishment on wages, bank accounts, and other sources of income as a way to slowly make back what you have failed to pay. A percentage of the federal tax owed is taken out each and every pay period until that account has been deemed met and paid in full. Unfortunately, upon receiving a garnishment order the entity making those payments to you must comply as a matter of law.
If a person is found to be owing federal taxes, there are many options out there that can help to provide federal tax relief. Tax debt settlement law firms, for example, can all assist debtors with IRS tax levy help. Are you aware of the sheer amount of paper associated with each and every tax form, with each and every tax regulation? The 1040EZ has thirty three pages alone, and that is supposed to be the simplest of all the tax forms. This volume of paperwork adds to the IRS mistakenly placing penalties on American citizens when taxes are due.
Frankly, a large part of the time they do not have the opportunity to stay up to date on tax code. For this reason, they may not be implementing all of the tax exemptions each level of government provides its citizens from different taxes. A tax debt settlement attorney can help a debtor find out just exactly where the IRS has gone wrong and in doing so help mitigate some of the penalties being stacked atop the tax debt.
Regardless of the reason an individual may have difficulty with owing federal taxes, there is help out there to see the debtor through what will no doubt be a difficult time.