Having Trouble Paying Your Tax Debts to the IRS?
It can happen by accident. You may not have withheld enough tax from your paycheck and end up with an enormous tax bill in April. Perhaps you came into some money, spent it, and didn’t realize that a large chunk was tax owed to the IRS.
It can be extremely stressful if your debt accumulates for an extended period of time. In this situation, you might feel stuck or frozen, unsure of what should be done or how to proceed. However, doing nothing is the most detrimental thing you can do. Penalties and interest only add up, sinking you deeper and deeper into debt.
The IRS is serious about their money! If you owe them money, they will pursue all legal means to collect it. Your assets can be seized, your bank account frozen, your paycheck garnished, and even your passport restricted. They can place liens and levies on your property. Hopefully, it hasn’t happened to you yet, but if you don’t act fast, it will.