back taxes
Back taxes means you have unfiled taxes from previous years. This is a result of the tax payer purposely or unknowingly failing to pay their owed taxes. This could be because, neglecting to report all incomes earned, failing to pay tax liability, and failing to file any of their tax returns. 0.5% is the penalty amount added to any unfilled tax returns.
This added penalty will be added every month until the tax liability is paid in full or when the penalty amount reached 25%. Also, the IRS will charge interest to the amount owed until the debt is paid in full. These interest rates will be charged by the quarter. Delaying paying your tax debt will include these compound charges to grow significantly.
This is a serious matter for tax payers who are unable to pay their tax liabilities. The IRS is relentless when it comes to securing their debt however, certain programs are offered to accommodate you in attempting to pay your tax liability. Seeking guidance quickly is strongly advised ,as failure to pay you tax liabilities could result in imprisonment.
failure to pay back taxes
The Internal Revenue Service (IRS) will not go away. They will do what it takes to secure the tax debt. The IRS will take your property, garnish your wages, and levy your bank accounts until they get every cent that is owed. They don’t stop there. The IRS will also place a federal tax lien to let all creditors know that your default in paying the debt will result in the IRS taking all your assets. This is done through a tax levy. This gives the IRS the ability to seize your car, investment accounts, and real property until the amount owed is satisfied.
Although you may have a legitment reason as to why you can’t pay your debt, The IRS will not stop until an agreement is secured. postponing paying your tax debt will only make matters worse. Speak with our tax experts today so when can expedite your process and avoid further enforcement actions.
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