Have you ever wondered what happens if you don’t pay your taxes? A lot of people don’t fully understand the risk they are taking by not paying their taxes, and when I say “risk,” I actually mean inevitable problem. The IRS will eventually catch up with you, be it in a few months or a few years (when you will really be in trouble). If you aren’t paying your taxes and think you are getting away with it, think again. They will find you.
You will receive an IRS notice stating that you have to pay once they realize they didn’t receive your payment. This IRS notice explains that if you are unable to pay, you have to contact them in order to set up an installment plan. If you don’t get around to contacting or paying them, you will continue to get IRS notices that gradually get more and more threatening until they send you a Letter 1058 or CP-90, the Final Notice of Intent to Levy and Notice of Your Right to a Hearing. You really don’t want to get either of these notices from the IRS.
A Letter 1058/CP-90 will be your last IRS notice informing you that you must pay the amount you owe. If you don’t take action within 30 days, the IRS will. The IRS can and will take just about anything of yours that they want in order to pay off your debt. They can take your wages, bank balances, and sometimes other assets and will typically not stop until they have reached the amount you owe. They can even garnish your wages.
Businesses aren’t excluded from this, either. If your business failed to pay its taxes, you will also receive IRS notices. If you fail to pay, the IRS will come in and take whatever they want, including office furniture, and may even contact your clients and divert their payments. The IRS never rests once they start coming after you.
This is where Taxmasters comes in. If you found yourself in a situation where the IRS is coming after and harassing you, talk to us. We will defend you and make sure the IRS isn’t taking more money from you than they are entitled. If you have received your final IRS notice, the time to contact us is now! We will give you a free evaluation and let you know how we can help save resolve your tax problems. Remember, tax debt is only a symptom of the problem that caused it.
Don’t let this happen to you!
Tags: IRS, IRS Notice, Tax Notices, Tax Relief