Granite City, IL (PRWEB) July 7, 2010
When past due taxes are owed to the IRS, the case is assigned to the Collection Division of the IRS. Tommy Brown, Enrolled Agent, recently outlined Internal Revenue Service collection methods used against United States individuals and businesses with unpaid back taxes.
Some of the most common collection methods used against individuals include the levy of bank accounts, seizing of vehicles and property, and real estate, garnishment of wages, and liens on real estate.
Businesses with past due taxes can also face the seizure of business equipment and assets such as accounts receivables.
Additionally, the IRS may assess penalties and interest on your back taxes. Tommy Brown, Enrolled Agent, says, “If you fail to pay your back taxes, it will result in IRS penalties, and in turn interest that can compound over years and make your tax debt substantially larger than it initially was.” However, there are some situations where a tax resolution specialist can have the penalties abated.
Although the situation can seem dire, IRS collection actions can be stopped. While standing between the taxpayer and the IRS, a tax resolution specialist can stop the levy and seizure of assets and even negotiate the release of levied funds. Additionally, a full or partial release of wage garnishments can be achieved.
Tommy Brown, Enrolled Agent, has successfully resolved tax issues for thousands of clients nationwide. If you owe past due taxes to the IRS and need to arrange a tax settlement or IRS debt relief, contact him at http://tommybrown-ea.com.