IRS Tax Debt Issues, Hanover Square, 10004
From individuals like you to small businesses, the IRS will target anyone who owes back taxes. At New York Tax Attorney Service we understand this and we know which tactics the IRS will use to get paid. Call (646) 832-3912 today to be connected with a tax debt professional.
Types of Tax Debt Problems:
The most common type of IRS tax debt is penalties and interest. When the IRS decides that you owe them taxes, and they are not paid by the due date, the IRS will add penalties and interest to the base amount you owe. The first type of penalty is the Failure to File fee and this is added when you do not file your taxes by the due date. The next penalty is a Failure to Pay fee, which is added when you do not pay your taxes by the due date. There is a system the IRS uses to allocate these fees, so you can read more about them on our page titled penalties and interest or visit the IRS website.
Another type of tax debt is a federal tax lien. A lien is a claim against your personal property that is filed against your credit report. It notifies your current and potential creditors of your tax status, and can hinder your ability to acquire new credit. It can also hamper you in getting new loans, or selling any of your personal property. If the lien is not taken care of properly, it can show up on your credit report for up to 10 years!
A more brutal type of tactic the IRS may use is an IRS wage garnishment. With a wage garnishment, the IRS takes money out of your paycheck, by way of your employer, before you even get to see the money. The IRS sends a notice to your employer stating the amount they are to withhold from your paycheck each pay period, until the tax debt is satisfied. This includes bonuses and even social security. Since the IRS will most likely not take into account your other obligations, you may fall behind on those other payments, pushing you into financial distress.
We Can Help With Your Tax Debt Problems
The above mentioned tactics of the IRS are only a few of the harsh tactics the IRS can use to make sure they are paid. If you have received a notice from the IRS, or if you are currently experiencing these circumstances, or any others, call New York Tax Attorney Service – Hanover Square location today at (646) 832-3912. The faster you call, the faster you will be on the path to an IRS tax debt solution. It’s a free consultation, so call today!