If the IRS garnishes your wages to seek repayment for owed taxes, it can cause financial hardships for you and your family. To avoid this, you can try to appeal the wage garnishment to have it removed. If you received a notification from the IRS starting it will garnish your wages, you can take the… Read more »
When you owe back taxes to the IRS, the federal agency can take several measures to collect the money owed – including garnishing your wages. This means that the IRS can contact your employer and have them direct a portion of your income — whether it is hourly wages, salary, commissions, or bonuses — directly… Read more »
When you owe the IRS money in back taxes, the federal agency can use a variety of ways to obtain the debt, including assessing a bank levy. This means the IRS can place a freeze on your accounts and seize the money until your tax debt us satisfied. To try to have the bank levy… Read more »
When you owe the IRS money in back taxes, you are expected to pay it back either in one lump sum or by setting up a payment plan. Failure to pay the taxes – or to follow through with the agreed-upon payment arrangement – can cause the IRS to take action. One type of penalty… Read more »
An IRS installment agreement is one of the best ways to resolve your tax debt problems. You can avoid most types of IRS collection actions and pay off several years of tax debt as long as you make your monthly payment. Key Insights We Will Discuss: Why IRS installment agreements are such a popular tax resolution… Read more »
What we are going to cover: The IRS has many tools at their disposal for recovering a delinquent tax debt Among those tools, is the tax levy A tax levy is when the IRS seizes a taxpayer’s assets (monetary or otherwise) to pay off a tax debt 8 Ways to get an IRS tax levy… Read more »
Taxpayers who owe the IRS over $50,000 may have to deal with tax liens, tax levies, and IRS passport actions. There are many tax resolution options that can be used to protect your property and get the IRS off your back.
If for some reason, you find yourself defaulting on a tax payment or two, the IRS will take steps to recover that debt. This could be through IRS levies, allowing them to seize your assets, taking money from your accounts or through a Notice of Federal Tax Lien (NFTL). By law, the IRS must… Read more »
Independent contractors and self-employed taxpayers may not have to worry about wage garnishments, but that doesn’t mean they entirely free from IRS collection actions. The IRS has many other collection powers at its disposal, so you’re better off resolving your tax problems through negotiation or a settlement.
The IRS generally only levies retirement account funds when there are no other alternatives. If you don’t have other valuable assets and have failed to cooperate with the IRS, it’s possible that the money in your retirement account will be seized. However, there are many ways to avoid a retirement account levy, and there are… Read more »
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