The IRS imposes a variety of penalties on delinquent taxpayers who fail to respond to collection efforts. In especially severe situations, the agency may assess liens or levies. Both are problematic for taxpayers, but many struggle to tell the difference. Keep reading to learn the distinctions between these two IRS actions — and why both […]
The burden of tax debt is devastating enough on its own, but IRS penalties can add considerably to the pain of this ordeal. Levies, in particular, are devastating, as they can impact your wages, bank accounts, or other income and assets. In rare cases, the IRS may even go after taxpayers’ homes. The prospect of […]
If you owe money to the IRS but haven’t paid, the agency can file a tax lien, a tax levy, and take seizure action against you. The lien will likely include interest, and the government can attach nearly all of your assets. However, you can take proactive measures to stop property seizure. Here’s how. Federal […]