Federal Tax Debt Actions: Income Tax Debt, State Tax Debt

IRS Tax Debt - Government Tax Debt - IRS Debt

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What actions can the IRS take to collect taxes?

Assets, such as, but not limited to, improvements such as buildings on trust land, vehicles, bank accounts, earnings, and fee simple land, owned by individuals, are subject to seizure, Federal Tax Liens, garnishments, and levies.

It is important to contact IRS and make arrangements to pay the tax due voluntarily. If you do not the IRS may take action to secure payment.

Some of the actions the IRS may take to collect taxes include:

1. Filing a Notice of Federal Tax Lien

2. Serving a Notice of Levy

3. Offsetting a refund to which you are entitled.

4. Wage Garnishment

The federal tax lien is a claim against your property, including property that you acquire after the lien is filed. By filing a Notice of Federal Tax Lien, the government establishes its interest in your property as a creditor in competition with other creditors in certain situations, such as bankruptcy proceedings or sales of real estate. A federal tax lien may appear on your credit report and may harm your credit rating. Once a lien is filed, the IRS generally cannot issue a "Certificate of Release of Federal Tax Lien" until the taxes, penalties, interest, and recording fees are paid in full or the IRS may no longer legally collect the tax.

A Notice of Levy is another method the IRS may use to collect taxes. Levying means that the IRS can confiscate and sell property to satisfy a tax debt. This property could include your car, boat, or real estate. The IRS may also levy assets such as your wages, bank accounts, Social Security benefits, and retirement income. In addition, the IRS will apply future federal tax refunds that you are due, to offset the amount you owe. Any state income tax refunds you are owed may also be applied to your liability.
 

If the IRS garnishes your wages as payment for your federal tax liability, up to 25% of your disposable income on each paycheck can be confiscated to pay off your debt. By law, if a wage garnishment certificate for your funds is approved and ordered by a court, your employer will be required to set aside a predetermined amount of your wages for the IRS. Wage garnishment can make an already difficult financial situation even more desperate, and can be very stressful and embarrassing.

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