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Consequences of not Filing Your Taxes Immediately

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					Consequences of not Filing Your Taxes Immediately
People are aware that those who have been through IRS problems have gone through a great deal of trouble, to say the least. Some of these stories, no matter how seemingly ridiculous they sound, are actually true. The IRS will really impose rigid collection techniques to those whom they deem have owed them any amount of money. To them, it does not matter if the money is truly owed or it was just a result of their error, they will really collect money from you. As a taxpayer, it becomes your primary responsibility to protect yourself especially in situations when you're not guilty of tax violations. This is because even those who have diligently paid for their taxes are not immune to problems than result from the agency's mistakes. One of the worst IRS problems that you will have is when the government agency decides to impose a Federal Tax Lien on you. Getting this will make it hard for you to acquire any type of loan as a tax lien will show up on your credit record. The banks will basically stop talking to you with regards to loan applications. They won't even allow you to open a new bank account. Depending on your situation, this will make it extremely difficult for you to pay simple bills such as the phone or electric bill. It is wrong to believe that leaving any IRS problem unattended will solve this particular type of issue. The only way for an IRS problem to get resolved is if you pay the money that is owed, or you decide to assert your rights to the IRS. Both actions will cost you time and money. No matter what your situation is, it's always wise to begin dealing with your IRS problem as soon as you are notified of the problem. You don't want to prolong taking any action because then, the IRS will enforce penalties, and if you have a tax debt, they may also charge an interest rate of as large as 25%. This goes on until the debt is paid off or the charges are dismissed. You would also want to ensure that you have all the needed documents and supporting evidence in order. Not only will this help you successfully deal with the IRS, but this will also project an impression that you are ready for anything that the government will throw at you. Some cases, however, will already necessitate the assistance of a tax attorney or a CPA. With their education and experience, they can certainly help you in solving this kind of problems. Aside from the usual penalties that the IRS imposes on delinquent taxpayers, they can also utilize more intrusive collection techniques like wage garnishment. This is called a Wage Levy. You do not want the IRS to take this action because this authorizes them to take as much as 75% on your paycheck. Could you live with only 25% of your net pay? Hence, it's very important for you to immediately deal with any IRS problem. The sooner you do this, the sooner you will be able to set your records straight.

OF DARRIN T. MISH, P.A. 100 S. Edison Ave., Suite A * P.O. BOX 3414 * Tampa, FL 33601 TEL: (813) 229-7100 TOLL FREE: (888) GET-MISH FAX:(813) 251-9605

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posted:2/25/2009
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