Articles
Back Tax Problems?
No matter what your reason is for owing back taxes, it is best to understand what to expect from the government if the back taxes are not paid.
November 14, 2018
No Comments
No matter what your reason is for owing back taxes, it is best to understand what to expect from the government if the back taxes are not paid.
Unpaid liability is the leading cause of companies continuing their collection process to recoup monies owed.
Occasionally, business owners find themselves in a situation where they have acquired payroll or employment tax liability. There are tax laws that business owners are required to follow, in regards to their business and any employees they may have.
A tax levy is when the IRS goes after a person’s property to pay for back taxes. A bank levy is when the IRS freezes a person’s bank accounts for money owed.
Chances are you have seen a bunch of ads claiming they can help you with your back taxes. Some even claim they can eliminate your tax liabilities.
With a levy, the IRS can seize property, such as homes, cars and other items of high value, as well as withdraw any available money from your financial accounts. This also includes withdrawing money from any future deposits that are made into your bank accounts.