Post by myTax Solutions on Mar 17, 2016 22:20:14 GMT
If you think or know that you have an outstanding tax liability, you can think of a timeline with three main sections and a fourth floating category.
(1)The first part of the timeline, and earliest part of the process, is the time when have accrued a liability and are currently in the process of receiving the standard “warning” notices that the IRS is required to send. These required notices must be sent to all taxpayers before the IRS can take any type of collection action.
(2)Next, once you have received all of the required “warning” notices, your account will generally be moved “into collections” with the IRS. This means that your account has been passed along to the department that handles collecting tax debts and you may be vulnerable to adverse collection actions by the IRS. This could include, but is not limited to, actions such as the filing of federal tax liens, the issuance of a federal tax levy against your property or bank accounts, or even garnishment of your wages.
(3)The later stage of the process is that part in which you are currently experiencing collection actions by the IRS. This includes receiving a Notice of Federal Tax Lien, Notice of Federal Tax Levy, or any other type of action taken to collect your money or property. If you are currently dealing with collection actions and are seeking assistance, it can be very helpful to refer to the forum for additional information about each of these actions and how to deal with the IRS.
(4)Finally, it is possible that you may be in the “grey area” somewhere in between these three periods. It may be the case that you don’t know if which notices you’ve received in the past or how many more “warning” notices you can expect. Or maybe you don’t believe you received any “warning” notices and then all of the sudden you received a levy on your bank account. There is no hard or fast rule for when the IRS will take action or for how strictly the IRS will pursue a liability. The intensity of the enforcement action varies in every case and unfortunately is very unpredictable. More often than not, when and where the IRS will go after your money is about as predictable as playing the lottery.
The bottom line if you find yourself “in collections” is that collection or enforcement action could happen at any time and you should take immediate action to protect yourself. If you are looking for additional information about how to protect yourself it may be helpful to look at the section of the forum regarding steps you can take to get out of collections and protect yourself.
(1)The first part of the timeline, and earliest part of the process, is the time when have accrued a liability and are currently in the process of receiving the standard “warning” notices that the IRS is required to send. These required notices must be sent to all taxpayers before the IRS can take any type of collection action.
(2)Next, once you have received all of the required “warning” notices, your account will generally be moved “into collections” with the IRS. This means that your account has been passed along to the department that handles collecting tax debts and you may be vulnerable to adverse collection actions by the IRS. This could include, but is not limited to, actions such as the filing of federal tax liens, the issuance of a federal tax levy against your property or bank accounts, or even garnishment of your wages.
(3)The later stage of the process is that part in which you are currently experiencing collection actions by the IRS. This includes receiving a Notice of Federal Tax Lien, Notice of Federal Tax Levy, or any other type of action taken to collect your money or property. If you are currently dealing with collection actions and are seeking assistance, it can be very helpful to refer to the forum for additional information about each of these actions and how to deal with the IRS.
(4)Finally, it is possible that you may be in the “grey area” somewhere in between these three periods. It may be the case that you don’t know if which notices you’ve received in the past or how many more “warning” notices you can expect. Or maybe you don’t believe you received any “warning” notices and then all of the sudden you received a levy on your bank account. There is no hard or fast rule for when the IRS will take action or for how strictly the IRS will pursue a liability. The intensity of the enforcement action varies in every case and unfortunately is very unpredictable. More often than not, when and where the IRS will go after your money is about as predictable as playing the lottery.
The bottom line if you find yourself “in collections” is that collection or enforcement action could happen at any time and you should take immediate action to protect yourself. If you are looking for additional information about how to protect yourself it may be helpful to look at the section of the forum regarding steps you can take to get out of collections and protect yourself.