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Resolve Tax Problems with IRS Tax problems are the result of owing the IRS. Thousands of Americans face tax problems every year that range from a federal tax lien on their home or property to the IRS issuing a bank levy, completely wiping out their bank account. Tax debt do not have to ruin your life. There are many avenues to take when dealing with tax problems with the most common tax problems listed below.

Federal Tax Lien

A federal tax lien gives the IRS a legal claim on your property as security or substitution for payment. Other tax problems are kept private, but a federal tax lien is made public. Your creditors are notified by the IRS that it now lays claim on all of your property, including property acquired after the lien was filed. A tax lien may be recorded on your credit report, and will make your credit score drop significantly, which turns your small tax problems into credit problems because it will be difficult to qualify for a loan, buy a car or home, or apply for a credit card.

A Tax lien may lead to bigger tax problems like financial asset seizure (including bank levies, IRAs, or wage garnishment) or property seizure (including your homes, cars, boats, and any other property you may own). The IRS would then sell your property at a public auction, and all profits would go to paying your tax debt.

Wage Garnishment

Tax problems are even more difficult to deal with when the IRS issues a wage garnishment (also known as wage levy) to your employer to withhold a portion of your earnings or face penalties themselves. The IRS will take the maximum amount allowable from your income, as well as garnish your social security, welfare, or disability earnings. Depending on the extent of your tax problems, the IRS can garnish anywhere from 10% - 90% of your income. This tax problem will stay in effect until the tax debt is paid in full, a settlement agreement is reached, or the statute of limitations is reached.

Bank Levy

A Bank Levy is a tax problem that can be the most devastating because it can potentially take all of your savings.The bank will hold these funds for 21 days, in which time you can protest the levy on grounds of hardship. If the claim is denied, after 21 days the bank is obligated to send the funds directly to the IRS.

This type of tax problem only comes into play after several attempts have been made by the IRS to collect on the debt in question. The IRS says that it doesn't matter if you receive the letter or not. Your best bet is to make sure the IRS has your current address if they mail you a certified letter. Otherwise, you may end up with major tax problems.

Delinquent Payroll Tax Problems

Payroll tax problems occur when a business doesn't properly file their employees' payroll taxes. The IRS takes payroll tax problems more seriously than individual tax problems by going after company owners, officers, or even the employee themselves. After an investigation and assessment of you and your employees, the IRS can begin collection efforts aimed at the company's assets or individual employee assets in order to satisfy delinquent taxes. The IRS may liquidate these assets, if it deems necessary, to satisfy the company's tax problems.

Tax Penalties and Interest

Your tax debt will accrue interest the longer it is in collections, on top of your exsisting tax problems. "Failure to File" and "Failure to Pay" penalties can increase a debt with monthly fees. The best way to avoid this is to take action as quickly as possible.

Your tax problems will not go away quickly, and can come back easily if you default on an agreement with the IRS, forget to file taxes, owe the IRS in the future, or choose not to resolve your current tax debt. If you are experiencing tax problems because of an IRS debt, and feel like you need to speak with a tax professional, fill out the form or call today for a free consultation about your tax problems.

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