Archive for May 23, 2013
The Internal Revenue Code has given the power to the IRS to levy upon wages, bank accounts, social security payments, accounts receivables, insurance proceeds, real property, and a personal residence in some cases. The IRS must go to court and receive permission of a federal magistrate to levy a house in which the taxpayer lives in order to take a principal residence. As of today, 43 states and many localities in the United States impose an income tax on individuals. The Cato Institute estimates that there are roughly 1.2 million tax preparers in the country. By 1989, taxpayers in 36 states could e file their taxes and then one year later, 1990, everyone could e file. There are a few things to consider about tax season. One of the most dangerous and terrifying things would be to have federal tax problems owe federal taxes and be the recipient of a federal tax levy. Being the victim of a tax levy because you owe federal taxes or have tax problems is, probably, one of the worst things that can happen to a person financially. Not only does it require some real repayment in a short amount of time but it can do harm, a lot of harm, to the credit report of that person who happens to owe federal taxes. The good news is that there are federal tax relief programs out there that can help a person get out from under the fact that they owe federal taxes. These programs are not considered common or easy to qualify for but they are out there for the people who owe federal taxes and face severe penalties. Taking the time to research programs for those that owe federal taxes would be a good first step in order to understand what the program is, how it can help, and what the criteria is to qualify. Learn more.