IRS Collections: IRS Tax Debt? Get Tax Help to Stop IRS Debt Collection Issues
If you owe IRS Tax Debt, watch out. The IRS is the biggest collections agency in the U.S. and they're going to use every IRS Debt Collection method in their power to get their money. There are two main methods the IRS uses to collect unpaid IRS Tax Debt, and they are very effective.
IRS Debt Collection: The IRS Tax Liens
IRS Tax Liens may not directly transfer your property to the IRS, but they wreck havoc on your life. The most common Lien is the one placed on your credit. This is the kiss of death to your credit report. Your IRS Tax Debt and your failure to pay becomes public knowledge. This will make it nearly impossible to take out a loan, get a car, or do anything else credit related.
A Tax Lien can be removed, but the process is very difficult. The IRS must notify you that they've filed a Lien within five days after the filing date. After the 5 day period you have 30 days to file an Administrative Appeal with the IRS. Get Tax help from a professional if you're having difficulties and timing is important.
IRS Debt Collection: IRS Tax Debt Levies
The IRS Tax Levy is usually the IRS' last resort for collecting delinquent debt. Usually, they will only issue a Tax Levy if they've exhausted all other methods. There are two types of IRS Tax Levies, the IRS Bank Levy and the IRS Wage Levy.
IRS Debt Collection: Bank Levy: It may be hard to swallow, but the IRS has the capacity to seize all of the funds from your bank account in one fatal swoop. If you owe the IRS, look out for a notice entitled "Final Notice of Intent to Levy." After 21 days of receiving the notice, your Bank account will be levied. Act fast and seek professional assistance with your IRS Tax Debt issues to prevent losing all of the funds in your bank account.
Stopping a Bank Levy: The IRS will not levy your bank account if it will cause you to go without your basic needs. To stop the levy, provide proof that the Bank Levy will prevent you from paying for food, utilities, or rent. If you act fast, the IRS may release the Bank Levy. Once the money is removed with the IRS Debt Collection method it is practically impossible to get it back.
Get Tax help: Avoiding Tax Levies: A very effective IRS Debt Collection weapons is the IRS Tax Lien. The best way to avoid a Tax Levy is to address your Tax Debt issues immediately. If you procrastinate, the IRS will have no choice but to collect for the Tax Debt full force with IRS Debt Collection methods. If you're not comfortable doing this on your own, consider having a professional call the IRS on your behalf.
Can't Pay Your IRS Tax Debt? Get Tax help Not everyone has the money to pay their IRS Tax Debt. If you have reasonable cause for not being able to pay a cent on your Tax Debt, an alternative option is available. You may qualify for "Hardship" or "Currently Not Collectible Status." In order to be approved for "Hardship Status" you must prove you are unable to pay on your Tax Debt. If you're successful, the IRS will cease collections efforts for a set period of time. Remember, this is only a brief reprieve. The IRS will resume collections efforts once you are able to make payments.
Get Tax help: When it comes to your IRS Tax Debt issues, the sooner you resolve your issues, the better. If you've received office notice that you owe IRS Tax Debt, you must quickly contact the IRS and seek resolution. If not, the results of the IRS Tax Liens of Levies implemented against you can be devastating.
