Owing back taxes to the IRS can give them the authority to freeze your bank account, reduce your credit score and place liens on your home. If you owe the internal revenue service, then they have the right to take collection action against you!
If you end up filing your tax return after the deadline, you are subjected to a penalty. As per the IRS norms, the average late-filing penalty is 5% of the tax owed for every month. Moreover, there is no statute of limitations on back taxes owed. If you don't file for a return, no matter how much time goes by, the internal revenue service can come after you for the amount due.
Implications of owing to the IRS
An overdue tax can have serious implications because the IRS has the control to seize and auction your assets. The best way to tackle this issue is to contact a tax specialist. At Fay Jamasbi, we have a team of experts who can assist you with your back taxes.
How we help?
With a little tactic and skill, we can help you,
Messing up your taxes can have grave consequences, even possible jail time for some. To ensure this does not happen, get in touch with our experts to get your tax file up to date. Contact us now for a free consultation!