How Owing Back Taxes Can Cause Financial Hardship

Owe back taxes to irs

Under US Federal law, a tax levy is defined as an administrative action by the IRS that seizes property to fulfill a tax liability. For people facing serious tax debt, a levy is one of the most feared weapons in the IRS arsenal. If you currently owe back taxes to IRS officials, it is important that you look for specialists to help you with this situation. Those that owe IRS back taxes can be guided out of this situation, even if they owe IRS money that seems to be impossible to pay back.

Owing back taxes can result in a levy if you do not manage this task properly. The IRS is allowed to levy assets that are in possession of the taxpayer as well as assets owned by a bank or brokerage house. If the IRS is looking to seize a principal residence, they have to appear in court and get the permission of a federal magistrate to levy a house that a taxpayer lives in.

Owing back taxes is a problem that needs to be addressed sooner rather than later. IRS taxes can be found in many places: in the city of Chicago, fountain soda drinks are taxed at 9 percent . If you are having problems due to owing back taxes and want to get them managed as soon as possible, use the web to find experts to help so that you do not face a levy or other penalty from the IRS because of your tax debt.
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