If you owe money on back taxes or have outstanding tax debt, the IRS can decide to seize your property. An IRS seizure is an action that must be justified by the amount of taxes that is owed. Depending on the amount of debt, the IRS can seize and sell your financial assets and can oftentimes leave you penniless.
IRS Wage Garnishment
If you owe money to the IRS, the IRS may implement levies on your wages, salary, or other sources of income. An IRS wage garnishment essentially means that the IRS will take large portions of your paycheck, which are then used to pay back an outstanding balance of your debt. It is not uncommon for individuals to see a large portion of their check be handed over to the IRS, thus leaving them with very little money to pay off other bills or daily expenses, such as groceries or gas.
By being licensed as a North Carolina Lawyer and a North Carolina CPA, I have the experience, compassion, and insight to assist in resolving your IRS or state tax problems. If you find yourself with IRS or state tax issues, please call The Law Offices of J. Edgar Halstead, III, PLLC at (704) 464-1088.