QUESTION
What does the IRS have the power to take to pay your taxes? How?
Asked on May 11th, 2015 on Taxation - Oregon
More details to this question:
My husband had a huge ordeal with the IRS when they thought his father had not paid his taxes and took out money from his and my husband's bank accounts because Dad's name was on both accounts (this was an account my husband opened when he was in high school, Dad was a cosigner). Proving his dad had nothing to do with his account anymore was a huge pain in the a$$ for my husband. This was before we were married, and now that we are, I was wondering what all the IRS could take from us if they thought one of us did not pay all of our taxes. I assume they could take from our joint bank account, but is there anything else?
2 ANSWERS
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Ronald K. Nims
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The IRS has the power to put a lien against your house, to foreclose on your house, to take your business, savings and garnish your wages among other things. However, they will notify you first and you'll be able to determine what the basis of their claim is and whether it's correct. Once you and the IRS agree on the amount due, you'll be able to work out a payment plan based on your income
Answered on May 13th, 2015 at 12:35 AM
The simple answer is the IRS can take (and will) almost everything that you cannot prove is your separate property. The IRS is the most powerful creditor in the USA. You do not want to owe money to these people. Your husband needs to get to a good tax attorney and get his taxes straightened out. It is not impossible or probably unfair. The IRS is actually fairly reasonable. You have to tell them the truth and file and pay your taxes. It is fairly simple. First step is always file complete, accurate tax returns. Once you do that the clock starts to run on the IRS to collect on the taxes. If you do not file, the clock never runs and they can chase you forever.
Answered on May 11th, 2015 at 4:30 PM