If you're behind on your taxes, you may be facing some serious consequences. In the worst-case scenario, the IRS has the power to enforce collection of unpaid taxes by freezing your bank account or even levying your property.
The IRS offers several options for people who owe back taxes. The most common option used to assist most taxpayers is an installment agreement. An installment agreement, will allow you to make affordable payments to the IRS.
Offer In Compromise
When you are unable to pay your taxes, an offer in compromise (OIC) may be able to help you lower your outstanding debt. An OIC is an offer by a taxpayer to settle their tax debt for less than the full amount owed.
Tax Lien and Levy Removal
The IRS can: levy or lien your property, freeze bank accounts, seize your wages, attach a levy against your property and collect if you sale. A tax levy or tax lien are both legal procedures used by the IRS.