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Tax Compliance – IRS Audits, Tax Debt & Wage Garnishments
Most taxpayers worry about being audited, but in reality the majority of IRS problems begin after a return has been processed. Understanding how IRS notices, tax debt, and wage garnishments work can help you avoid more serious collection actions and protect your financial future.
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How the IRS Identifies Tax Problems
Many people believe the IRS only audits wealthy individuals or large corporations. In reality, individuals and small businesses are routinely reviewed through sophisticated automated systems that compare tax returns with information received from employers, banks, mortgage lenders, brokerage firms, and other third parties.
Documents such as W-2s, 1099s, brokerage statements, and mortgage interest statements are electronically matched against your tax return. If discrepancies are identified, the IRS may automatically assess additional tax, penalties, and interest before mailing a notice explaining the adjustments.
Much of this process occurs without a traditional audit. In many cases, the taxpayer's first indication of a problem is an IRS notice requesting payment of additional taxes.
Most IRS Problems Become Collection Matters
While IRS audits receive considerable attention, most taxpayer issues actually involve unpaid tax debt created after the IRS processes a return and discovers errors or missing information. Once additional tax has been assessed, the IRS begins its normal collection process by sending a series of notices requesting payment.
Ignoring these notices allows penalties and interest to continue accumulating and gradually limits the options available for resolving the debt. Eventually, the IRS may begin more aggressive collection activity.
IRS Wage Garnishments
A wage garnishment, also called a wage levy, is one of the IRS's strongest collection tools. The IRS sends a Notice of Levy directly to your employer requiring them to withhold a portion of your paycheck and forward those funds to the government.
Unlike a bank levy that generally affects only the money currently in an account, an IRS wage levy continues from paycheck to paycheck until the tax debt has been paid or another agreement has been reached.
Wage levies often create significant financial hardship because they reduce the amount of income available for housing, utilities, food, transportation, and other essential living expenses.
Alternatives to an IRS Wage Levy
Fortunately, taxpayers often have options available before a wage garnishment becomes necessary. Depending upon your financial circumstances, one or more IRS resolution programs may be appropriate.
- Installment Agreements
- Offer in Compromise
- Currently Not Collectible Status
- Penalty Relief
- Collection Appeals
- Professional IRS Representation
Why You Should Never Ignore IRS Notices
The IRS collection process generally begins with written notices that explain the amount of tax owed and provide opportunities to resolve the balance. Unfortunately, many taxpayers delay responding, hoping the problem will go away. Instead, penalties and interest continue to accrue, and the IRS may move forward with more aggressive collection actions.
Responding promptly gives you the greatest number of options for resolving your tax debt before wage garnishments, bank levies, or federal tax liens become necessary. In many cases, taxpayers are able to establish affordable payment arrangements or qualify for other relief programs based on their financial circumstances.
Helpful IRS Resolution Options
- Monthly Installment Agreements
- Currently Not Collectible (CNC) Status
- Offer in Compromise (when qualified)
- Penalty Abatement Requests
- Collection Due Process Appeals
- Direct Communication with the IRS
Preventing Future IRS Problems
Many IRS collection issues can be avoided through careful tax preparation, accurate recordkeeping, and maintaining documentation to support deductions and reported income. Even if an error is discovered after a return has been filed, correcting the issue early is often much easier than waiting until the IRS has begun collection activity.
Taxpayers should also carefully review every IRS notice they receive. Many notices have response deadlines, and missing those deadlines may limit your appeal rights or reduce the number of available resolution options.
Taking action early can often save thousands of dollars in additional penalties and interest while helping you avoid unnecessary financial hardship.
Resolve Your IRS Tax Debt Before Collection Actions Become More Serious
Whether you've received an IRS notice, owe back taxes, or are concerned about a possible wage garnishment, there are often solutions available. The earlier you address the problem, the more options you may have to protect your income and resolve your tax liability.
Contact us today to discuss your situation and learn which IRS resolution programs may be available to help you regain control of your financial future.
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IRS Wage Garnishment Kendall - Tax Expert Kendall
Certified Public Accountant and Tax Expert Serving Kendall, Florida.