(1) The offer in compromise program is not as advertised on television.
(2) IRS seizures of houses, personal belongings and business property do happen.
(3) Retirement accounts are not protected from IRS collection actions.
(4) The IRS has limits on the amount of time it has to collect a tax debt
These factors are essential to anyone with IRS problems – know the difference between what you hear and what is reality.
With increased staffing of high-level Revenue Officers by 30% and levy actions hitting 15 year highs, the four things You Should Know About the IRS can help you navigate a fresh start.
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If you cannot pay your delinquent taxes because of an economic hardship, the IRS can suspend collection efforts against you. This does not mean your debt is forgiven; just that the IRS will defer collection and not take your wages or bank account.
In the vast majority of cases, you will not lose any of your stuff to the IRS. Most clothing and personal household belongings are beyond the scope of the IRS collection power.
Don’t rely on logic: IRS decisions are not always made from common sense, or logic. Your way of thinking about a solution to a problem – options that would be successful in the private sector – do not apply to solving IRS problems.