This is Part 5 of a 6 Debt.com series on taxes authored by Charles T. Almond of Tax Closure.
Receiving a IRS Notice of Balance Due can be a very stressful moment. Owing back taxes can effect your income and personal property. Seizures and levies are generally enforced after a Notice of Balance Due is ignored. There are many factors that determine how quickly and forcefully the IRS will act on the collection of back taxes including the taxpayers profile, duration of outstanding debt and amount owed.
The IRS’s process includes initial correspondence in the form of a IRS Notice of Balance Due. After the amount has been officially assessed by the IRS, the debt becomes formal and legally enforceable. It is at this point that the taxpayer receives an official IRS Notice of Balance Due. Ignoring this notice and letting the allotted time expire allows the IRS to become more aggressive. The case then moves into Enforced Collection Status. Even in this situation, the taxpayer still has options to get the IRS to officially stop all attempts to collect and allow the taxpayer become in good standing. Most taxpayers in this situation move from Notice of Balance Due status to Enforced Collection Status. After a short delay of enforcement, 30 days usually, the IRS can seize almost any bank account, home, land, personal property, pension, retirement, or anything else of value. The taxpayer has no say in what is taken.
My company, Taxpayers Clinic, has developed a new program called Tax Closure. If you are anticipating receiving an IRS Notice of Balance Due or you are in tax collection status, Tax Closure can give every American the tools and information they need to fully resolve their back tax debts. It uses little known information not widely available in the IRS collection process. With this information, the IRS can waive the collection. Taxpayers can create a Plan of Resolution, obtain Resolution Status, and fully stop the IRS from attempting to collect on back taxes. Taxpayers Clinic has the power of a knowledge base second only to the IRS. Together with a network of employees and 28 years of pioneering taxpayer solutions, our newest offering navigates everyone through the IRS collection system and gives people with unpaid taxes a way to stop extreme collection measures. For the first time this proven method is available on the web to every American taxpayer for a tiny fraction of the cost that other tax settlement companies normally charge. Taxpayers have very specific rights that empower them to stop the IRS from disrupting or destroying their lives. There is a way to keep the IRS from taking your possessions if you owe back taxes on TaxClosure.com.