SubscribeThe Not-So-Nice Letters: If you get a second letter from the IRS, this is where they start flexing their legal muscle. They’ll remind you again of your delinquent debt and demand payment. If you continue to overlook the problem, you’ll get a third and final notice. The words Final Notice are not words you want to see on a letter from the IRS.
Final Notice: This letter will tell you that unless you set up payment or pay the debt in full in the next ten days, the IRS will implement drastic measures. This usually includes intent to levy a bank account, place a lien on your credit, or garnish your wages. In some cases, by the time you get this letter, the IRS has already done whatever they are threatening to do.
Liens and Levies: Because you failed to contact the IRS, now you’re dealing with a major problem. If a lien is placed on your credit, you could spend the rest of your life trying to rebuild good credit. Not to mention that your credit is absolutely worthless while the lien is in place so at this point it’s nearly impossible to get a loan to pay off the debt. A levy on your bank account freezes you out of your assets. If you have direct deposits, you can kiss your checks goodbye because the IRS has legal rights to anything that enters the account.
Wage Garnishment: Another little trick the IRS uses is the wage garnishment. I know how much I used this technique because it’s certainly the most effective. The IRS can legally take your entire paycheck to pay toward your tax debt. At this point, they don’t care if you can pay your bills or not. The only thing they are concerned with is their money, and they’ll do whatever they can to get it.
How to Get Out of It: If you’re already in one of these situations, it’s not too late to resolve the issue. The best way to avoid this happening is to deal with the problem. The minute you get that first letter, pick up the phone and call the IRS. Don’t let your debt spiral out of control. But if it’s already out of control, get in touch with a reliable tax professional who is knowledgeable and experienced.
Now you have the Smoking Gun…Use It!
Richard Close was an IRS-Hitman. He worked as a revenue officer for the IRS and his father was the head of the collections branch for 30 years; so it runs in the family. He left that behind and now he’s partnered with Tax Defense Network to help thousands of Americans with their tax problems. He gives the tips and tricks for you to fight the IRS and win! Visit him at: http://irs-hitman.blogspot.com or http://www.taxdefensenetwork.com, or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.
Article Author :Richard_Close
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