The IRS Collection Process: What You Need to Know (And How to Survive It)

Receiving a notice from the IRS can be a gut-wrenching experience, especially if you're already struggling with tax debt. The IRS collection process can seem overwhelming, but here's the thing: understanding how it works can help you navigate the chaos and find a way out.

How the IRS Collection Process Works

The IRS collection process usually starts with a series of notices and letters, telling you how much you owe and asking you to pay up. If you don't respond or make payment arrangements, the IRS might take things to the next level:

• Notice of Intent to Levy: The IRS will send you a notice saying they're planning to seize your assets, like wages, bank accounts, or property.

• Levy: The IRS can actually take your assets to pay off the tax debt.

• Lien: The IRS can put a lien on your property, which can tank your credit score.

Knowing Your Options

If you're facing an IRS collection action, it's crucial to know your options and rights. You might be eligible for:

• Installment Agreement: A payment plan that lets you make monthly payments towards your tax debt.

• Offer in Compromise: A settlement agreement that lets you pay less than the full amount owed.

• Currently Not Collectible: The IRS might temporarily suspend collection activities if you're going through financial hardship.

• Innocent Spouse Relief: If you're married and filed jointly, you might be eligible for relief from joint liability.

How Milestone Tax Solutions Can Help

Navigating the IRS collection process can be daunting, but you don't have to go it alone. Milestone Tax Solutions offers expert tax resolution services to help you resolve your tax debt and avoid further collection actions. Our team of experienced tax pros can:

• Communicate with the IRS: We'll handle all communication with the IRS, so you don't have to deal with the stress.

• Analyze Your Options: We'll review your financial situation and figure out the best course of action to resolve your tax debt.

• Negotiate with the IRS: Our experts will negotiate with the IRS to get the best possible outcome, whether it's an installment agreement, offer in compromise, or something else.

Don't let IRS collection actions overwhelm you. Contact Milestone Tax Solutions today to schedule a consultation and take the first step towards resolving your tax debt.

The Bottom Line

The IRS collection process can seem scary, but it's not impossible to navigate. By understanding your options and seeking help when you need it, you can protect your rights and find a way out of tax debt. We're here to help.