Most individuals may be aware that even the thought of being unable to pay tax obligations can be stressful enough on its own. However, those who owe significant amounts in back taxes may also have concerns about the next steps the IRS may take if they cannot catch up on payments. In some cases, such a scenario could trigger an IRS tax levy and individuals in Georgia who face similar issues may be uncertain of the options to help protect against the possible ramifications involved.
Tax levy concerns
According to experts, tax levy is a term that refers to a process in which the IRS may seize a person’s property to fulfill tax obligations. Such a process could lead to issues such as wage garnishment and those who are already facing substantial monetary challenges may wish to protect against such issues if possible. Experts also indicate that the IRS may retain the right to freeze one’s bank account, and to have the bank transfer funds if the situation goes unresolved.
Tax levies could also trigger foreclosure proceedings on a home, or even seize a motor vehicle. Those who face the possibility of a levy might benefit from exploring their available options for payment plans, or seek insight on whether they might be eligible for options such as an offer in compromise. It may also be possible to dispute the decision and appeal the levy.
Seeking advice on the options
Facing significant tax debts can be harrowing and those who face the possibility of tax levies may have concerns about the best course of action to take. Fortunately, there are attorneys in Georgia who can evaluate a person’s situation and provide guidance in exploring all his or her available options. An attorney can help a client choose the best path available with which to protect his or her interests and seek relief from the trials of tax debts.