Tax Matters - The Top Tax Defenders Blog

The IRS employs a variety of professionals whose sole purpose is to collect on delinquent taxes, penalties, and other monies owed to the government. IRS revenue officers play a central role in the collection process. When you owe money to the IRS, it is important that you learn what a revenue officer is and what duties and limitations this individual has when collecting on your obligation.

When you owe the IRS a large sum of money, you may fear that you will never outlive the debt. You may foresee a future of payments that extend well into your middle age or retirement. Before you despair of being clear of your back taxes, you should understand these four important aspects about the IRS collection time frame.

Among the things that married couples share, their tax returns can be the most damaging if one spouse fraudulently or falsely reports information to the IRS. This person's actions could adversely affect the other spouse, who may be unfairly held liable for any money owed to the government.

The Affordable Care Act was passed to encourage Americans to purchase and maintain health insurance policies for themselves and their families. Since its passage, however, many people either refuse or cannot afford to buy coverage. 

Creditors are ready to take whatever steps are necessary to collect on money that is owed to them. When you are unable to pay off a debt entirely, your creditor may petition the court to have your wages garnished.

When you owe multiple creditors, you may find it difficult to keep up on payments and get your accounts paid off in full. Despite your best efforts to pay, your creditors may choose to garnish your wages.

Close to a million taxpayers owe the IRS money at any given time. While the IRS makes sincere attempts at collecting each penny owed to the government, in reality it does not have the resources to pursue each individual debtor.

Many taxpayers would never entertain the idea of going up against the IRS alone. They know that in most cases they would never win such an uphill battle to resolve their tax debt.

Having an IRS tax lien on your credit record can be devastating. Because it can stay on your record up to seven years after you pay off or settle the amount, you may have a difficult time getting financed for loans, credit cards, and other financing.

When you owe a debt to the IRS, you have every obligation to resolve it by any means possible. If you fail to pay your outstanding balance, the IRS will notify you of its intent to levy.

Before you receive this notice, however, you would do well to understand what this action could lead to and how it can impact your life. You also should learn what you can do to prevent the IRS from levying your money and your assets.