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 Tax Lien |
A Tax Lien is just one way that the IRS enforces its
claim against you for taxes owed.
Tax Liens are public
records that indicate you owe Federal or State taxes.
Liens are usually filed with the County Clerk in the
county where you live or your business operates.
Tax Liens can make your life difficult by affecting your
ability to borrow against your property.
Tax Liens are also public records, which mean they will
show up on your credit report. This often makes it
difficult for you to obtain financing on an automobile
or a home. Tax Liens also can tie up your real estate
and personal property. Once a Tax Lien is filed against
your property you will have to satisfy the tax debt
before you can sell or transfer the property. |
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Bank Levy |
An IRS bank levy is when the IRS sends a letter to your
bank notifying them that they are seizing a taxpayer’s
bank account. The bank is instructed to freeze all funds
that are in the account and to forward the funds to the
IRS. Banks are required to follow the instructions of
the IRS and the IRS imposes serious penalties upon banks
that disregard the IRS’s instructions. The IRS commonly
uses bank levies as a way of collecting back taxes.
Levies are normally sent to banks but the IRS can also
seize funds from any institution, business or individual
that has funds belonging to the taxpayer. For example,
the IRS can seize money in utility deposits, escrow
company deposits, investment companies, and many other
places.
As you can imagine, IRS bank levies can make it
difficult for you to live a normal life and can even
destroy your financial situation. Bank levies often
happen because taxpayers procrastinate in dealing with
their tax issue. Don’t wait for the IRS to start
aggressive collection efforts. Our tax professionals
have been successful in releasing countless Bank Levies.
If you are seeking IRS protection contact us today. |
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Delinquent Payroll Tax |
Payroll taxes refer to the Social
Security tax and the Medicare tax. Social Security taxes
are designed to provide benefits for retired workers,
the disabled, and the dependents of both. Medicare taxes
are designed to provide medical benefits for certain
individuals when they reach age 65.
Failing to properly file and pay payroll taxes is a
serious matter. Not only can the IRS go after the
company’s assets but, in certain circumstances, it can
also go after Owners, Officers, and certain employees.
This means that if you, or someone else within your
business, are found to be willfully responsible for the
business's failure to pay payroll taxes you could be
held personally liable for a portion of the tax.
The IRS must first make an investigation and, assuming
it makes an assessment against you or other employees of
your company, it can then begin collection efforts aimed
at your personal assets. This would include bank
accounts, property, and other items of value. In some
cases, the IRS may liquidate the company and sell its
assets in order to satisfy the tax debt. |
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Tax Penalties and Interest |
If you thought the late-payment fees
charged by credit card companies is too high, then
you’ll find the IRS’s late-payment penalties absolutely
outrageous. Penalties for “Failure to Deposit”, “Failure
to File” and “Failure to Pay” can double your original
tax debt within a short period of time. To make matters
worse they also charge you interest on the penalties! As
you may have already discovered, IRS Tax Penalties can
turn a fairly manageable debt into an overwhelming
burden pretty much overnight
Oftentimes, taxpayers can afford to pay the original
amount of the tax debt but are unable to pay the
penalties and interest. This is where we can help you
with a request for Penalty or Interest Abatement. |
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Wage Garnishment |
A wage garnishment is perhaps the
most sinister collection tactic in the IRS’s arsenal. An
IRS wage garnishment is a legal document sent by the IRS
to the taxpayer’s employer requiring the employer to
withhold a large percentage of the employee’s pay and to
forward it directly to the IRS. Employers are required
to follow the instructions of wage garnishment notice.
If employers disregard IRS wage garnishments, serious
penalties can be imposed. If a taxpayer is
self-employed, the IRS can even send the wage
garnishment notice to the taxpayer’s accounts
receivable. Those businesses and individuals that owe
the taxpayer money for services rendered are required to
send the taxpayer’s funds to the IRS debt wage
garnishment department.
As you can imagine, wage garnishments can have a
devastating impact on a taxpayer’s financial situation.
Many taxpayers struggle to make ends meet or struggle to
keep some semblance of a normal life due to the
garnishment of wages by IRS. An IRS wage levy can remain
in place until the tax liability is paid or until it is
resolved through some other means.
Taxpayers can avoid a wage garnishment by confronting
their tax situation and enlisting the help of a
professional tax resolution company.
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