Income tax problems come in a wide variety of shapes and sizes. Failure to pay taxes at the time you file creates penalties and interest accrual. Neglecting to file your tax returns leads to increased penalties. In fact, unpaid income taxes can even lead to problems like IRS liens, IRS levies and seizure and sale of your property.
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If you fail to file your income taxes on time, penalties can be as high as 355 percent of the amount of tax you owe! Interest is also charged. So, the longer you wait to file and pay, the larger your tax problems grow. Ignoring the IRS can lead to the IRS placing a lien on everything you own. A lien interrupts your legal rights regarding your property, making it difficult for you to sell your house or car or get credit at reasonable rates.
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Income tax problems such as bank levies are serious. A bank levy forces your bank to freeze all of the money in your bank accounts. You cannot use any of these accounts during the freeze. After 21 days, the money in your accounts will be paid out to the IRS without regard for the situation you're left in.
The good news is that no matter how serious your IRS income tax problems are, you can get help. Experienced tax attorneys and tax professionals can intervene on your behalf to temporarily stop such collection efforts. Once collections are on hold, you can negotiate with the IRS. Our Tax Tiger attorneys have nearly 50 years of combined experience negotiating with the IRS, which they can bring to bear on your tax problems. To get started, call the helpful Tax Tiger team today.
