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The IRS has some pretty harsh consequences for unpaid taxes. Owing the IRS money is not a position anyone wants to be in. Many people may end up unable to pay their taxes for various reasons through no fault of their own. Financial hardships that prevent you from paying your taxes can result in large fees or facing legal action.

Penalties for Unpaid Taxes

If you have unpaid taxes, the IRS can require you to pay a penalty fee and interest fees on your debt. The longer the debt goes unpaid, the more money you will end up owing. There are very specific fees for filing your tax return late, not paying your owed taxes on time, having inaccurate information on your tax return or withholding information. These fees start out as a small percentage of your total debt owed and increase over time.

The IRS can also implement a wage garnishment order as a penalty for unpaid taxes. If you haven’t paid your taxes, or negotiated a repayment plan with the IRS, they may order your employer to pay them a portion of your paycheck before you get paid. Wage garnishments can significantly impact your monthly income and cause more financial trouble in the end.

For tax debts that are severely delinquent, the IRS may place a tax lien on your assets. A tax lien is a motion that grants the IRS rights to your assets. In a tax levy, the IRS can seize and liquidate your assets in order to satisfy the debt.

Penalty Abatement

There are some circumstances in which you can have your IRS penalty waived for a specified period of time. A penalty abatement allows the IRS to remove or stop a penalty for unpaid taxes. Some of the delinquency fees may be waived or refunded. You may also be able to prevent or stop wage garnishment.

Don’t be threatened with penalties for unpaid taxes! We can help you resolve your tax debts quickly and easily.  Let one of our attorneys do all of the hard work for you and help you get your life back. The Lee Law Firm wants you to have the peace of mind of having financial freedom.