If you are trying to figure out what to do because you’re saying to yourself, “I owe the irs back taxes“, then there is one simple solution. Get help. If you try to deal with the situation without an IRS lawyer, which you can, you are increasing the risk of incurring a levy. What is a levy? Well, if you owe back irs taxes, you should know that the levy is probably the worst weapon the IRS has to use against you.
In order to be compensated for back IRS taxes, the IRS can levy any of your personal assets, either repossessing items such as secondary properties and vehicles or garnishing your wages or personal accounts until what you owe in back taxes to IRS is paid.
Here are some interesting facts about what power the IRS has, as well as a little of it’s history.
- Under U.S. Federal Law, a tax levy is an administrative action sanctioned by the IRS or Internal Revenue Service. It is under statutory authority to seize property in order to satisfy any tax liabilities without going to court.
- Prior to 1776, the British owned American colonies were subject to taxation from the United Kingdom. It was one of the major causes of the American Revolution.
- The IRS can demand a portion of wages earned by a tax debtor directly from an employer to help satisfy outstanding tax debts.
- A levy can be placed on anything, even a principal residence, though in order to seize that type of property, the IRS has to go to court and receive permission.
- In 1787 the U.S. Constitution was adopted, and it gave the federal government the ability to lay taxes and collect on them. However, it is required that certain kinds of tax revenue is given to each state depending on the individual populations.
More on this: taxlawyerirs.net