In March 2020, the Internal Revenue Service (IRS) paused tax collections and enforcement policies temporarily in response to the coronavirus pandemic. Rising unemployment rates had left millions of taxpayers struggling to pay their bills. However, with the country’s health climate back on the rise, the IRS announced that their automated lien and levy programs would resume administering notices starting July 15, 2021.
The agency began sending out balance due reminders to those who have yet to pay their federal tax liability in June. These notices allotted taxpayers 30 days to arrange to make payments through the IRS or 45 days for those who are out of the county.
If an individual cannot pay their balance and fails to contact the IRS to discuss an alternative agreement, they may receive a lien or levy as early as August 15, 2021. A lien allows the IRS to legally claim or seize a taxpayer’s property and income.
What does this mean for you?
What Should I Do Next?
Now that the IRS is enforcing tax payment collections again, it’s crucial that you devise a plan to address your owed taxes. Though IRS collections are going back into effect, you have options to manage and resolve your tax balance.
At Polston Tax Resolution & Accounting, we take the stress out of dealing with the IRS and State. Our team of tax professionals, including over 100 accountants, tax attorneys, CPAs, case managers and financial analysts, has the combined knowledge and experience to help you achieve the financial freedom you deserve. We communicate with the IRS daily, so we know what to expect and how to achieve the best outcome for our clients.
We offer many services to help you handle upcoming IRS collections, such as:
- Installment agreements: If your current financial situation inhibits you from making large payments, we can arrange for you to pay your taxes in manageable monthly installments.
- Lien assistance: If the IRS places a tax lien on your property, our tax attorneys will determine the best resolution for your situation.
- Bank levy services: The IRS can issue levies that allow them to legally freeze and extract funds from your account and/or paycheck. We can help you get your levy released through our bank levy services.
- Offers In Compromise services: If you can’t afford to pay back your taxes, you may be eligible for an offer in compromise, enabling you to pay less than your full tax balance.
Get Professional IRS Tax Help Polston Tax Today
You can navigate upcoming IRS collections seamlessly with the Polston Tax team by your side. With over 20 years of dedicated service, we’re the tax and accounting firm you can trust.
Contact us to book your free consultation today!
Learn More About Advanced Tax Planning
Sales tax is paid to a local or state governing body for the sale of certain services and goods. In Oklahoma, the state sales tax is 4.5%, which is charged on sales of certain services and tangible personal property. Along with the state sales tax, local sales taxes and special district taxes may apply. Business owners...
If you have been struggling to pay the bills or your taxes, you may receive a notice that a garnishment or levy has been placed on your wages or bank account. Even if you make every effort to pay your back taxes, your circumstances may make paying your taxes difficult, such as a job loss...
There are a few different Internal Revenue Service (IRS) professionals, including revenue officers and revenue agents. If you owe back taxes or you’re facing a tax audit, you may work closely with an IRS revenue officer or revenue agent. We cover the differences and similarities between these IRS tax professionals to help you understand who...
Have you received a notice from the IRS informing you that you owe more in taxes? These “30-day letters” can result from an audit, underpaying your taxes when filing a return or many other reasons. While receiving one of these notices can be unsettling, it doesn’t necessarily mean you have to pay the amount the...
If you can’t pay your taxes this year, you may be worrying about what you should do. First, you should know that you’re not alone. Millions of taxpayers struggle with taxes each year and need help. The good news is there is help available. The IRS will work with you and provide options for paying...
According to study results, the majority of Americans dread taxes. One of the reasons why most people get stressed at the mere thought of taxes is because the tax code is so intricate. The other is the legal/financial ramifications that can result from misreporting your income. Whether you’re an individual in need of tax relief, a...