Back Taxes and their Consequences
Back Taxes and their Consequences
Back Taxes and their Consequences
Taxes are best source of revenue for the government to augment its resources for accelerating economic development. So if a person has failed to pay tax, then he is liable to pay back tax. They are typically taxes that are owed from a prior year. Reason for non payment of taxes can vary. Some may willfully attempt to evade the payment of tax, while others may simply fail to file tax forms or may be late in filing of tax forms. Anyway they are liable to punishment. If the back taxes are not paid with interest, then the consequences can be very serious. In case the back taxes get accumulated then, they can be prosecuted under criminal law. Hence by filing back taxes accurately and quickly, penalties can be reduced. When any tax , interest penalty, fine or any other sum is payable in consequence to the back taxes then, the Internal Revenue Service (IRS) issues a notice of demand in the prescribed form specifying the sum so payable.
Internal Revenue Service collects the back taxes through Tax Lien,Wage Garnishment and through Bank levy. They make sure that even a car loan cannot be received or mortgaged. They have the authority to remove the Social Security and other benefits. Hence it is best to pay off the back taxes.
There are several ways of paying back taxes to the IRS.
Installment Agreement:-
This method is the most common form of settling back taxes. Once the IRS agrees the installment agreement, then a minimum amount should be paid each month as per the agreement.
Partial Payment Installment Agreement
This method is best for those who are not able to pay the amount required with an installment agreement. It allows for smaller payments that may add up to less than the total amount of back taxes. Even if one installment is not paid, the IRS has the authority to levy the person's bank account for the amount due.
In some cases by purchasing a property which has existing tax liens can account to back taxes. For a professional help to solve the intricacies in filing the back taxes it is better to consult a tax consultant. He is the best person to determine the best way for reducing the back taxes. He may use any one of the options like Offer in Compromise, declaring the tax uncollectible, Letting Statute of Limitations Expire, or use the Penalty Abatement Provision.
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