Some Common ways that the IRS Can use to Forcibly Collect Your Back Taxes - PowerPoint PPT Presentation

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Some Common ways that the IRS Can use to Forcibly Collect Your Back Taxes

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Back taxes that remain unpaid after repeated notices from the IRS, can be collected through forcible collection actions. – PowerPoint PPT presentation

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Title: Some Common ways that the IRS Can use to Forcibly Collect Your Back Taxes


1
Top 5 Ways the IRS Can Forcibly Collect Your Back
Taxes
2
When the IRS Forcibly Collects Back Taxes
  • Back taxes that remain unpaid after repeated
    reminders from the IRS can be collected through
    forcible collection actions.

3
Top 5 Ways IRS Forcibly Collects Back Taxes
  • If you receive a notice regarding an assessed
    balance, it means that the IRS has discovered
    that you owe back taxes and will pursue
    collection efforts if you do not take action.
  • The IRS may use the following five ways to
    forcibly collect what you owe
  • -Wage Garnishment
  • -Bank Levy
  • -Property Seizure
  • -Refund Offset
  • -Levy on Savings Accounts

4
Wage Garnishment
  • A common method the IRS uses to collect back
    taxes is to garnish a taxpayers wages. Under a
    wage garnishment, the IRS takes funds from the
    debtors paycheck each pay period.

5
Bank Levy
  • Another damaging way the IRS collects back taxes
    is with a bank levy. Under a bank levy, the IRS
    informs the taxpayers bank about the tax debt
    and asks them to transfer a specific amount to
    them.

6
Property Seizure
  • The IRS can seize and sell a taxpayers property,
    such as a
  • house, car or boat to collect back taxes.

7
Refund Offset
  • When an individual has tax debt and they are due
    a tax refund, the IRS will offset that refund.
    This means that they will keep the refund amount
    and put it toward the taxpayers unpaid balance.

8
Levy on Savings Accounts
  • Your savings accounts are not beyond the reach of
    the IRS. To collect back taxes, they may tap
    into your savings accounts, including your IRA .

9
for more info log on to www.taxassistancegroup.org
This is basic information on how the IRS Can
Forcibly Collect Back Taxes. More on the way, so
stay connected and keep reading.
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