The IRS may take time to catch up to you and once they do they will have no mercy in collecting all the money that is owed. Owing the IRS can mean a very serious problem for your financial & societal status. When the collection process starts, your life can get very miserable and ruin all aspects of your life. It’s not just your money that is on stake, it is also your reputation.
Let us tell you about the top three ways you can get into a sticky situation with the IRS.
Not Filing Tax Returns:
Failing to file the tax returns on time can get you prosecuted and punished with potential jail time as well. So potentially losing your freedom for failing to file your tax returns isn’t really a smart choice.
Arrears in Taxes:
Tax penalties and interest add up very rapidly, year on year, if you take too long to clear up your taxes. And it can cost you dearly to cover those taxes you might have to sell off either your possessions or face the IRS seizures.
IRN lien secures the government’s interest in your property when you don’t pay your tax debt. Liens filed against you by the IRS also show up on your credit report and the IRS actually takes the property to pay the tax debt. If you don’t pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own.
Your best way out, if you are ever stuck in a bad situation is to contact the professionals and let them resolve your tax challenges and put an end to the misery that the IRS can put you through. PSR CPA, an experienced team of finance and accounting professionals, prides itself on being very efficient, affordable, and of course, extremely discreet while helping you.