IRS Tax Liens Collection Actions

By dhinternational  /  July 31, 2014 / Comments Off on IRS Tax Liens Collection Actions

IRS Tax Liens Collection ActionsThe Internal Revenue Service or IRS has its ways of collecting tax debts from delinquent taxpayers.  If you do know them yet, here are the collection actions:

IRS Bank Levy
This is a popular form of collection action by the IRS in which all funds from your bank account are going to be seized by them.  You would get a warning at first in your mail about the funds to be seized and then it would be frozen.  When it is frozen, you need to contact the IRS as fast as possible if you’re going to save your funds.  All of your funds would be gone if you would not take any action.  Note that this is one of the most painful collection actions of the IRS.

IRS Seizure
Your assets along with other valuables are going to be in danger with this IRS action.  These include homes, vehicles, and any inheritance would be used to repay your tax debt.  The IRS rarely uses this but once your assets are seized, it would be very difficult to get them back.

IRS Wage Garnishment
The IRS can seize funds directly from your paycheck with this type of collection action.  You could be left with only little money to pay your bills.

These three courses of actions are only done by the IRS to recover lost revenues which are needed by the public.  If you avoid IRS tax liens early on, then none of these would happen and your property and assets stay in place.

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