
Though many taxpayers recognize the importance of submitting their taxes on time and in full, there are few who know the full scope of the consequences should they fail to do so. Given that the IRS sends out more than 8 billion pages in forms and instructions yearly, its hardly a surprise that many are unfamiliar with may of the finer points of tax law. Unfortunately, those consequences become a reality for thousands of Americans every year. In the event of a tax liability, the IRS can institute a tax levy, an administrative action whereby it can seize property without going to court. Tax levies can apply to assets that are in the possession of the taxpayer, called a seizure, or to assets in the possession of a third party like a bank or brokerage house. Furthermore, the IRS can require that the employ Continue reading “Paying Back Taxes to the IRS”