Facing back taxes issues is one of the most terrifying situations you would ever come across in your life. If you fail to respond calls and correspondences from IRS, you’d need to face severe consequences such as wage garnishment, bank levy or tax liens. These are very daunting situations however, it doesn’t mean that these issues cannot be resolved. Hire a certified tax resolution specialist or tax attorney so that you can get a professional guidance to get rid of garnishments, levies and liens. Moreover, an ideal tax attorney will prepare your case in such a manner that your payment responsibility will get reduced with the help of tax resolution.
IRS Bank Levy
In an event of IRS bank levy, your car, boat, dividends, house, wages, rental incomes, bank accounts, retirement accounts and account receivables will be at stake. If you find a notice from IRS in your mailbox in regards to IRS bank levy, you should get in touch with tax professional at the earliest. Expert advice assists you in negotiating with the IRS. By every passing day, situation would be getting crucial. Tax professional will make you aware of the process to counter the IRS bank levy. One of the apt alternatives to resolve bank levy issue is proposed payment plan. As per this plan, you would need pay however, not in one shot rather you would be paying on your own terms.
IRS Wage Garnishment
If IRS uses weapon of wage garnishment in order to collect back taxes, you would need to survive in mere few dollars. In case of wage garnishment, IRS would file garnishment with your employer and can take anything between 30 and 70 percent from your paycheck. It will not only bring you down on finances but also on your rapport that you are maintaining for years. Once IRS gets in touch with your employer regarding wage garnishment, your impression will get altered to an irresponsible person. Again to resolve wage garnishment issue, you would need to find an expert tax professional that specializes in dealing with dealing with similar kinds of cases.
IRS Tax Lien
In an event of IRS Tax Lien, IRS uses your property and other valuable assets as security against tax debts. This collection procedure will hamper your credit report as IRS files the tax liens with county clerk that manages public records. Once tax lien is filed, you cannot sell or transfer your property. Moreover, you cannot give your property on rent and cannot get loan on it. You can get relief against tax lien however, hiring tax professional is mandatory so that you can use your property that way you want.