TAX FAQ answers you need when dealing with clients to buy or finance:
Can the IRS take money from my bank account without permission?
They absolutely can, and will if they start enforced collections.
The IRS has the authority to utilize extreme tactics to collect taxes. Tactics include placing a "levy" against your bank accounts, which allows them to withdraw up to the entire tax amount owed! Does not matter if you need the money to make payroll, pay your mortgage, or whatever. The checks you've already written against the funds will just bounce. Luckily you have 21 days in which to dispute the levy before it begins.
IRS can levy against real estate and other property or assets they find in the taxpayer's name. These liens can follow the taxpayer until the tax is paid or otherwise resolved.
Usually there are multiple liens even though there may be only one tax amount due. IRS tends to file against taxpayer, spouse, and repeat in more than one county. Initial review of a credit report may look really impossible, but can often be resolved to a manageable level with skill and experience.
Tax problems such as this grow and grow, with penalties and interest, until the molehill becomes a mountain. The solution is to take action to get on top of the problem. It is not really a do it yourself project. The IRS does not work to help the taxpayer. They are not your friend - no matter what the advertisements claim.
Do you know of anyone who has received notice of a pending levy from the IRS? Email me here right now, for quick and profitable access to a top quality, professional service that will support your client and add to your income.
Can the IRS take money out of my paychecks without permission?
They can and they will. And they don't ask you first either.
Often the most destructive of the tactics the IRS employs in order to collect owed taxes, wage garnishment laws allow them to take up to HALF of your total paycheck per pay period! Imagine what that would do to your ability to care for your family. Could you still make your mortgage payment? Buy gas for your car? Buy groceries to stay alive?
Tax problems do not just go away. If your client ignores the tax collection letters, the process accelerates until what may have begun as a small problem is now a major financial tsunami. Added penalties and interest mount quickly.
If you know of anyone who in danger of having their wages garnished by the IRS? Email me here right now, for quick and profitable access to a top quality, professional service that will support your client and add to your income.