What Penalties Are There For Filing Late or Carrying Unpaid Debt?
When it comes to the Internal Revenue Service, there is no doubt that the agency wields tremendous power. However, in many ways, this perception is greater than the reality. Sure, the IRS is powerful, but they don’t always win. People who are accused of tax improprieties do win. The IRS doesn’t have a perfect record.
Now, having said that, some of the things that the IRS can do to a taxpayer or to someone who is late on their taxes or carries significant tax debt are quite incredible. For example, the IRS would be well within its rights to seize your home or business if you continue to carry tax debt without adequately addressing the situation.
Given such tremendous power, it behooves people who have tax debt to swiftly and appropriately deal with their tax problems so that their tax case doesn’t reach this dramatic and extreme point.
However, if the IRS does move in on your home or business, you need to be legally prepared for the process. There will be a lot of communication between you and the IRS in the months prior to them actually seizing your property or business, so you should adequately deal with that first to try to head off the seizure. If that doesn’t work, then you could call into question the manner in which the IRS seizes your property or business. The seizure itself could be illegal if the IRS doesn’t go about the process illegally — or if they were overzealous in seizing the asset in the first place.
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