Tax Liens are a highly effective way of collecting IRS Tax Debt. A Tax Lien is a public record that indicates you owe Federal or State Taxes. Tax Liens will show up on your credit report and they will make it difficult or impossible to borrow against your property. For Business owners, Tax Liens will prevent you from taking out business loans. Tax Liens can remain in effect until the entire debt is paid in full, but they may be removed if the taxpayer makes payment arrangements with the IRS.

A Bank Levy is when your bank account is frozen and all or part of the monies in your bank account is seized. Bank levies usually never happen unless the taxpayer procrastinated and did not take care of their Tax Debt issues as soon as they received notice.
The bank account can be almost any type of account (e.g. savings, checking, utility deposits, etc) and while most levies occur in the U.S, the IRS or other creditors can sometimes go after off-shore accounts.

With a Wage Garnishment, payday is no longer a celebration. The IRS can withhold a large percentage of your paycheck and apply the amount towards your Tax Debt. Wage Garnishments have a devastating effect on taxpayer's financial situations because the IRS is only legally required to leave you enough income to pay for your basic needs (Utilities, Rent, Food, and Gas.) Your other debts and creditors do not count.

When you owe IRS Tax Debt, Tax Penalties and Interest are your enemies. Many taxpayers could actually afford to pay their Tax Debt if it was not for Penalties and Interest doubling or even tripling the amount owed. There are Penalties for nearly everything, including "Failure to Deposit", "Failure to File" & "Failure to Pay". Additionally, interest will be owed on the Penalties.

The single biggest mistake Small Business owners can make is forgetting to file and pay their payroll taxes. It's easy for beginners to make a mistake with filing payroll taxes, and the consequences arr devastating. Everyone even remotely related to the issue (the business owner, the account, and anyone with check-signing authority) can be held responsible.

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A Few Success Stories thru January 2010.

Tax Amount Owed	Amount Paid	Settlement Rate