Chicago: IRS Back Taxes?
Chicago: IRS Back Taxes?
Owe the IRS Back Taxes or Have a Notice of Levy? One of the most common questions we get is “What are back taxes?”
Back taxes are simply taxes that you owe that you didn’t pay when they were due.
They may have occurred because of income not being reported, or maybe because there wasn’t enough money to pay them when they became due.
Whatever the reason, the IRS will find a way to collect… eventually.
Sometimes the IRS doesn’t send notices for a while. If nothing seems to happen or they don’t get ‘caught’ some people start believing that they’ve somehow under the radar of the IRS and that they are getting away with it.
But that isn’t the case at all.
Eventually the IRS catches up with everybody.
Here’s what happens when they do:
1.You’ll get sent a Notice and Demand for Payment from the IRS.
2.You either pay or don’t pay the tax.
3.If you don’t pay, you’ll be sent a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the levy.
That’s when you know you’ve got big problems.
In 30 days, the IRS is going to start helping themselves to the money in your bank account. If you’ve received a Final Notice of Intent to Levy, you need to take action immediately.
If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!