Taxation & Estate Planning

IRS collection threats: Myth vs. Reality

By howardlevy

My clients with IRS collection problem come to me with different ideas about what will happen to them because they did not pay their taxes.  Is the IRS going to show up one day and seize my house?  Levy on my income so I cannot provide for my family?  Shut down my business?  When do I get my life back?

IRS problems often happen from what  life throws at us – divorce, failed businesses, medical problems.  Most IRS problems do not reflect any bad intent, but they can be all-consuming.

Owing money to the IRS is serious, but most of what you hear from friends, the media, even the IRS ? can be more myth than reality.

My recent article in the Journal of Enrolled Agents – IRS Collection Threats: Myth vs. Reality – is intended to enhance your understanding of the IRS collection process.  Hopefully, you will find it as a road map to the IRS and the collection of back taxes. Solutions are best reached knowing the realities of the IRS collection process, not the myths.

Feel free to browse through the article here.

Full post as published by IRS and the Law on July 12, 2010 (boomark / email).