What happens when one owes the IRS over $50,000.00?
Notices, letters, and publications are mailed to your last known address.
Notices of Federal Tax liens are recorded at the County Recorder’s office located in your last known residence address.
Levies (garnishments) are issued to employer’s, accounts receivable and any other source of income that the government is aware of.
They assign a local collection Revenue Officer to your case who has the authority to seize and sell any and all assets you own. Or, find other manners in which to resolve your account. All is determined by your current financial situation. But, you better make sure you comply with providing all the documentation and information they will request within the time frames given.
Your options are many depending on the cause of the liability, current and past compliance with filing tax returns and paying current taxes via tax withholdings and estimated tax payments. In addition, your financial situation.
Not all taxes are dischargeable in bankruptcy. See the advice of a bankruptcy attorney prior to filing bankruptcy. There are rules and regulations as to the types of taxes and time frames for filing bankruptcy and receiving a discharge for tax debts.
Written by: Martha De la chaussee Tax Resolution Expert
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