You didn’t mean to get this far behind. You always paid and filed your taxes on time. Until one day you got behind. You told yourself Ill take care of it next year. One year became two years, two years became four years and now you owe the IRS an amount that you simply can not repay. Many Americans today face this exact issue. It doesn’t make you a bad person. It doesn’t make you a criminal, Honestly it’s quite a normal occurrence. There is only one small problem that presents itself… You owe Uncle Sam, not Uncle Bob and Uncle Sam want’s his money. When you owe the IRS and DO NOTHING about it – you set yourself up for a very frustrating and stressful situation. Learn the many ways the IRS can collect a debt, and completely ruin your life, so that you can learn how to avoid it.
1. Issuing a Notice of Levy on salary and other income, bank accounts or property (legally seize property to satisfy the tax debt)
2. Assessing a Trust Fund Recovery Penalty for certain unpaid employment taxes
3. Issuing a Summons to the taxpayer or third parties to secure information to prepare unfiled tax returns or determine the taxpayer’s ability to pay
So with that being said, make sure you take care of your taxes before your taxes take care of you. You know what they say, there are only two things in life that are certain. DEATH & TAXES.