Most people do not realize just how much power the Internal Revenue Service has. The Internal Revenue Code states that the IRS can levy bank wages, Social Security payments, insurance proceeds, real property, accounts receivables and even personal residences. In other words, if you fail to honor a work contract or otherwise struggle to understand your business bookkeeping responsibilities, you could end up having your assets levied. This is why professional support with your IRS back taxes may be essential to your livelihood. Back taxes help is a growing industry, as the Cato Institute estimates approximately 1.2 million tax preparers are operating across the nation.
If you would like to find one of these Irs tax problem solvers, or you just want some IRS representation or basic state tax help, get on the web to find a local professional. Every government within the United States provides certain tax exemptions for income, property and people. In other words, even if you are audited at a state, municipal or county level, you may qualify for tax exemptions that protect you from losing everything. Consider that federal law provides a fine of up to $1000 and even imprisonment for one year if an employer willfully fires an employee in connection to a garnishment on the earnings that employee generates. These penalties exist as a way to discourage employers from firing an employee handling a levy.
These are local and federal laws that should be understood when you start a business. The power of an administrative levy dates back at the federal level to the year 1971. If you have a shaky tax history, starting a business may not be possible. However, if you just need assistance with IRS debt relief, you can start a business. The key is to find an IRS debt relief professional that has helped fellow entrepreneurs get their start.
IRS debt relief begins by considering how you ended up with back taxes. A free consultation may be available from a local IRS debt relief expert. You can examine what happened to cause your delay in payment of taxes, what led to an audit or otherwise caused an issue with the IRS in your case. Once you understand the problem, your IRS debt relief should be easy to understand and plan for. Once you have an IRS debt relief plan in place, you can get started on growing your business and making sure to stay out of future tax trouble.