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IRS Seizures

irs seizures

Failure to Pay Taxes & Penalties

The United States government expects everyone who earns money to pay income taxes each year. Failure to pay taxes on time brings penalties, which can be severe. Taxes are typically collected or withheld by employers, making it easier for individuals to make sure their taxes are paid on time. Self-employed individuals and independent contractors need to take it upon themselves to pay their taxes throughout the year, estimating the amount they believe they owe. *Note, people in this category, pay taxes during the year in which they are earning income, not afterward when they file their taxes in the following year.

Repaying the IRS

If an individual or organization owes money when they file a tax return, this means that not enough taxes have been paid or withheld throughout the year. The IRS expects taxes owed to be paid at the time of filing, if not before. If they are not, then the individual or organization will receive a bill from the IRS. This bill is expected to be paid right away. If a taxpayer is unable to pay the full amount, they may request a payment plan.

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Avoid Increasing Your Penalty

Failing to pay, either all at once or in installments, is not tolerated by the IRS and the penalties will begin. Late payments are assigned and interest begins compounding on the debt owed. Other, more severe penalties are also possible, such as a federal tax lien and/or levy, which means seizure of property to pay the tax debt. In some cases, the IRS may also decide to launch a criminal investigation.

Tax Payer Rights and Property Seizure

Having property seized by the government is an emotionally painful and stressful event, but it is important to understand that taxpayers have rights and protections when it comes to the tax collection process. Many are not aware that the United States has something called the Taxpayer Bill of Rights, which includes ten rights to which every taxpayer is entitled. At CPA Accounting and Tax Services, we are well-versed in the rights available to all taxpayers. As part of our process when helping clients resolve tax issues, we compare circumstances in the client’s case with the rights promised to them in the Taxpayer Bill of Rights. Many times, taxpayers are unaware that their rights have been violated. If any one of the ten rights has been violated, we will discover it and you will know about it. Then, we will help you obtain a remedy from the IRS.

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