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IRS Collection Actions the IRS Will Take Against You

IRS Collection Efforts For Back Taxes IRS collection measures can wreak havoc on your finances. The federal government has the authority to take IRS collection actions against your bank account, wages, property, and assets. When you find yourself burdened by back taxes, it is critical you speak with a tax debt professional in order to prevent IRS collection procedures before they begin.

IRS Collection Procedure

First, you will obtain a notice in the mail from the IRS which will tell you the exact amount you owe. The "Notice of Demand for Payment" letter is your opportunity to willfully repay your tax debt before any IRS collection actions are taken. You are granted 4 weeks from the date of the IRS letter to either satisfy your back taxes in full or make arrangements for monthly installment payments.

If you fail to act on the "Notice of Demand for Payment" the IRS is within its rights to commence IRS collection efforts. Keep in mind that once IRS collection actions begin, such as a wage levy or a tax lien, it is difficult to get them lifted on your own. Also, neglecting to address your federal tax debt only results in your debt growing larger, as penalty fees and interest charges keep adding to what you owe. Below, we will discuss the three most common IRS collection actions taxpayers face when burdened with back tax debt.

IRS Collection Actions: IRS Tax Lien

An IRS tax lien is an IRS collection procedure that declares publicly the IRS has staked a claim on your property and assets due to an unpaid tax debt. Although the IRS rarely seizes your possessions, except in cases where the debt is extremely large, you risk the ability to perform anything associated with credit, such as buying property or an automobile. Using this IRS collection method, any auction of property or assets guarantees the IRS will be the first to get paid from the sale. There isn't any way to discharge an IRS lien besides settling your tax debt.

IRS Collection Actions: IRS Tax Levies

The IRS collection method of an IRS levy allows the Internal Revenue Service to physically take your savings or income. An IRS tax levy issued on your banking account, is known as a bank levy. This particular IRS collection method lets the IRS seize all of the cash presently in your bank accounts, including savings and checking accounts. A federal levy on your salary is commonly referred to as a wage garnishment, and it gives the IRS the right to withhold a large percentage of your paycheck every pay period until your full tax debt is paid. Your IRS debt will still accrue interest and penalties during this IRS collection period, so it is imperative you make arrangements with the IRS to repay your back taxes before these IRS collection measures are taken.

Lifting IRS Collection Actions

Once IRS collection procedures have begun, it is quite difficult to have them removed by yourself. The IRS is not as willing to negotiate a payment agreement once IRS collection methods are taken because it is already obtaining funds to pay your back tax debt. Furthermore, the IRS collection actions that are currently against you are normally not removed until the entirety of your tax debt is paid. This time could be months, years, or an entire decade depending on how long you have left under the Statute of Limitations. This is why it is vital to contact an IRS collection specialist to assist you in arranging a resolution agreement immediately.

Call now or fill out the form below for a free consultation about the IRS collection actions against you. We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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