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Tax debt and knowing what to expect from the collection process

On Behalf of | Sep 5, 2022 | Tax Debt

Falling behind on financial obligations can be a stressful experience and the longer this process goes on, the more complex it might be to resolve. Individuals in Georgia who are unable to pay their tax debts by the due date may have questions about how best to handle the situation. Knowing what to expect from the collection process and the types of repercussions one might face may help a person better prepare to seek guidance on the available options for tax debt relief. 

Collection attempts 

Those who struggle to pay their taxes by the due date may expect to receive notification from the IRS about the situation. This date falls on the 15th of April, and while it may also be possible to request an extension, this might not be a viable path in every situation. Past due tax debts will also continue to accrue interest and late fees, which may only add to the stress of one’s situation. 

Even if it is not possible to pay the full amount, paying a portion of one’s debts could prove helpful, as interest fees and penalties may only apply to the remaining balance. Fees and penalties might not be the only concern, as similar issues could also trigger additional issues such as tax liens or even wage garnishment. Those who struggle under the weight of tax debt and remain uncertain of their available options for aid could find it helpful to seek guidance in evaluating their situation. 

Evaluating the options 

Dealing with tax debts can be stressful and harrowing and the average person might not always know the available outlets for relief and how to choose the best path forward. When facing similar forms of debt, a person in Georgia could consider seeking legal counsel for advice in making informed choices about his or her case. An attorney can evaluate the situation a client is facing thoroughly and help choose a path with which to reduce or eliminate tax debt burdens through the appropriate methods.