Archive for April 7, 2013
Administrative power was given to the Internal Revenue Service to levy a taxpayer’s bank account back in 1791. U.S. Supreme Court granted this power back then. However, in keeping within the U.S. Constitution, IRS has to give notice of their intent to levy a taxpayer’s financial accounts and they have to get the taxpayer an opportunity for a hearing. Also, the IRS has to petition a Federal magistrate to get permission to levy a house lived and owned by the delinquent taxpayer. These are just some of the rules and consequences that can happen when you owe IRS money. If you owe IRS money that you cannot pay, you will need to take some important steps in order to protect your assets.
One of the most important steps to take when you owe back taxes is to go and see a tax attorney. An IRS tax attorney will create an “offer in compromise” for you. An OIC is an offer to settle for a small tax bill based on a couple of different things. There are various legal forms to fill out and file if you owe irs money that you cannot pay.
Americans have always paid taxes. If you go back to 1776, you’ll see that American citizens used to pay taxes to England. Today, we have independence from England but we still have to pay taxes. A lot of people owe IRS money today too. Some circumstances can prevent a taxpayer from paying when they owe IRS money. However, you cannot just ignore it when you owe irs money. Owing back taxes is a difficult spot to be in, especially if you do not have the money to pay your back taxes. Instead of putting your home in jeopardy or having your bank accounts levied or an IRS wage garnishment imposed on you, take the steps that needed now if you owe IRS back taxes. Talk to a tax relief attorney today. They can help you if you owe back taxes to IRS.