I Can’t Pay my Taxes, Now What?
If you owe the IRS and cannot pay your tax liability in full, there are collection alternatives available to you and your unique situation. An experienced tax attorney can review your financial situation and select a collection alternative that will benefit you best.
What if I do nothing?
Receiving a notice from the IRS about your overdue taxes is often frightening, overwhelming, and emotionally draining. The worst thing you can do is ignore the problem. The IRS has the power and authority to enforce collection of owed taxes through the following ways:
- IRS can impose levies on your wages, salary, and/or other income including your 401(k), other retirement accounts and Social Security income.
- IRS can Levy (seize) the money in your bank account(s).
- IRS can revoke your Passport.
- IRS can File a Federal Tax Lien against your property(s).
- IRS can seize and sell your assets at public auction.
- IRS can seize and sell your residence with court approval.
- IRS can issue a summons requiring you to appear, testify or produce records, papers, books and/or other data.
What are my options?
An experienced tax attorney will review your unique situation and work with you and IRS to achieve one of the following Collection Alternatives: