The IRS can seize your property, take money from your bank accounts, or sell your assets to  satisfy the balance due.  This is a levy of your property.

While filing taxes is mandatory for all US citizens who are earning an income, there are many people who, through no fault of their own, cannot afford to pay their taxes. The reason for this may be the loss of a job, becoming disabled, being fined for tax return preparation problems, squandering everything into a gambling addiction, or a host of other reasons. Irrespective of the cause, the non-payment of taxes can lead the IRS (Internal Revenue Service) to inquire into your tax status and even penalize you if you fail to make timely payments.

 Every year, there are millions of taxpayers who find themselves unable to pay their taxes in full to the IRS. The IRS knows there will be some taxpayers coming up short. The good news is the federal government is happy to work with you. The bad news is, they’re relentless in their collection of back taxes and if left unattended, they can levy your bank account, garnish your paycheck, or put a lien on your property to settle your tax bill.

There is a lot to be said for the do-it-yourself approach to your money, yet the go it alone path does have its limitations, especially when it comes to the IRS and back taxes.    Dealing with the IRS takes a very specialized skill set that most tax preparers and even CPA’s don’t possess.  Make sure you have a tax resolution specialist on your side.

Thanks for stopping by our blog. If you’re looking for more information about Bott CPA Services, you’ve come to the right place.

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