TAX DEBT
If you don’t pay your tax bill in full when you file your tax return, you’ll receive a bill for the amount you owe. This bill starts the collection process, which continues until the amount due is entirely paid or until the IRS may no longer legally collect the tax; for example, when the time or period for collection expires. Accumulating tax debt can become a problem. You may receive threatening letters from the IRS and feel like you do not have any options to get out of this situation.
Steps in the IRS collection Process
The IRS will aggressively continue collection activities to collect the money you owe. Initially, they will send you threatening letters while charging penalties and interests that may accrue daily. Then they may place tax liens or levy on you’re your assets or garnish your wages.
The IRS can impose the following:
Interest on unpaid taxes
Fees and penalties
Tax liens
Tax levies
Wage garnishment
Fortunately, we can work with you to negotiate with the IRS to lower your debt and create a suitable payment arrangement for you.
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