Imagine mailing off a check for your mortgage payment and being notified by your bank that there are “insufficient funds”. In other words, your check bounced. In bewilderment you reply, “…That can’t be right. I know I had enough money in the account to cover that check…there must be some mistake…”
The IRS has seized the money in your bank account. The bank representative on the other line says “uh…hello…are you still there?” You manage to get out ”Um…yeah…I’m still here…uh…let me call you back” “What would you like us to do about the check?” they ask. “…um…I’ll take care of it…uh…just let me call you back”, you manage to get out before you hang up quickly.
Your mind starts racing, thinking about what other checks you wrote that are now going to bounce. What else is the IRS going to do to you? Are they going to start dipping into your paycheck, too? Will they take your house, your car,…everything?
Don’t Think It Could Happen to You? Have you developed a false sense of security? Maybe the IRS placed a lien against your property as a “warning shot across the bow”, but you haven’t responded. Sure, the tax lien can ruin your credit and make it virtually impossible to sell your house, but it doesn’t necessarily put a damper on your day-to-day finances.
Besides, the fact is – a tax lien doesn’t necessarily give the IRS what they really want…the tax money you owe them. That’s when they start getting nasty…
The IRS Can Take Your Money If You Don’t Give It to Them Voluntarily. If you’ve been notified by the IRS either over the phone or by mail that you owe them, that’s all the warning you get.
If after contact, you don’t pay them completely and voluntarily – they have the right to take every penny that you owe from them…one way or another. They don’t have to take you to court or sue you to get their money. If they’ve sent the collection notices and you’ve refused to pay or haven’t paid in full – that’s all they need to do. That’s when it can get ugly.
They can dip straight into your bank account and take your money
They can garnish your wages or salary.
They can take your social security, 401(k) or IRA’s. They can take any money owed to you – like accounts receivable or sales commissions. Plus, they can seize your property: Cars / Boats / Motorcycles/ Homes / Vacation Property / Investment Property.
They’ll do it too. Consider this… from 2005 to 2006, levies increased by 36% Just ask Christopher Gronski of Rochester, New Hampshire. As the owner of a window-washing company, he sincerely does not believe that the IRS has the right to tax him. But they still levied his bank account and took his money.
Don’t Let This Be You It’s Not Too Late – Yet. If you’ve already been contacted by the IRS, time is wasting. The countdown has begun and when the count is up…they’ll come for your money. You need serious help – it’s time to contact a professional.