Due to the complexities of the IRS, it is not surprising to know that a large number of people suffer from tax problems on a yearly basis. There are a horde of problems that taxpayers can encounter for a wide array of reasons. Nonetheless, the IRS is aware that taxation is complex and individuals may suffer from problems due to which they have developed methods for helping them. They are willing to cooperate with people in resolving their tax issues as long as they are upfront about the problem and also make the filings needed for fixing it. In the situation where the IRS cannot help, tax professionals can be used for dealing with numerous tax problems.
Even if you believe there is no way out, you can resolve even the toughest of tax problems. Some of the common problems associated with taxation are:
- Unpaid Taxes
Do you have unpaid taxes that you are unable to pay? There are various options at your disposal, depending on your current financial situation, the amount you owe and your anticipated future financial situation. Ignoring your tax problem is the worst decision you can make because the IRS can be quite understanding when it comes to those who are not in any condition to pay their taxes. But, if you fail to notify them and don’t make the appropriate filings, you may have to face stiff penalties.
- Tax Lien
The first major step that the IRS takes against people who owe taxes is a tax lien. Simply put, a tax lien is used for taking legal claim of assets for ensuring the payment. If you pay the taxes owed to you or provide assurance to the IRS that you will pay your dues, the tax lien will be removed. There are a variety of settlement methods that can be accepted by the IRS and you can find more about them at http://www.cpapdk.com/irs-problemshome.php.
- Tax Levy
The harshest of the methods that are used by the IRS for collection is a tax levy. In order to satisfy your tax liability, the IRS will legally take your assets. They can claim the money you have in your account, your wages or salary, your car or house and anything else of monetary value. Typically, people are provided with a 30 day notice before they make their move, which gives you enough time to take action and find a solution to your problem.
- IRS Wage Garnishment
In simple terms, this is another form of tax levy in which your paycheck is garnished by the IRS. It is one of the most common forms of levy that’s imposed on taxpayers who receive monthly salaries. You can hire a tax professional to assist you with the wage garnishment process.
- Tax Penalties
Penalties are imposed by the IRS for scaring all taxpayers into complying with their tax payments and filings. You need to understand the most common penalties and take the measures necessary for avoiding them in the long run.
