Bill W. Morlong Jr. EA & CTRS

IRS Tax Penalties

Neglecting to file a tax return or failing to pay money owed to the federal or state tax authorities can result in consequences commonly known as tax penalties. These are measures designed to assist the tax authorities in collecting money owed from a delinquent taxpayer. Unfortunately, many people are unaware about what these tax penalties would actually mean for their personal or business finances. Below are basic summaries of a few tax penalty strategies that are often utilized by authorities in order to acquire payment:

Tax Liens

A tax lien is a security interest placed on either real estate or personal property that must be paid in order to secure payment for the tax debt in question. The size of the lien and other details are determined by the amount owed, and additional interest may apply. The tax lien also covers property acquired while the debt is being paid back. The team at Bill W. Morlong Jr. EA & CTRS is qualified to advise you on your situation and help you find the best IRS tax lien resolution strategy.

IRS Wage Garnishment

When the IRS is owed money from unpaid taxes, the institution is legally authorized to deduct wages from your paycheck in order to cover the amount owed. Depending on the size of your debt, the IRS garnishment could go on for years until the full amount has been paid. This can have a crippling effect on your personal and business finances, making it difficult or impossible to pay your everyday expenses. If you’re facing IRS garnishment, contact Bill W. Morlong Jr. EA & CTRS today. We can review your situation and negotiate with the IRS to determine a way to avoid garnishment and help you pay back your debt in an efficient and manageable manner.

IRS Summons and Seizures

The term “summons” refers to a notice received by a delinquent taxpayer from the IRS informing the indebted party of intent to implement a levy, or the legal seizure of property in order to recover unpaid taxes. This is the final step of enforcement of taxation and is the result of an unsuccessful lien. However, a failed tax lien doesn’t mean that your property will necessarily be seized. A tax penalty professional from Bill W. Morlong Jr. EA & CTRS can examine your payment history and help you communicate with the appropriate parties to determine a fair compromise that will bring you IRS tax relief.

Don’t panic if you’ve found out that you’re facing a tax lien, IRS garnishment, or other tax penalties—just pick up the phone or send an e-mail to our professionals. We will work with you to establish a workable IRS installment agreement plan that will successfully eradicate your debt, dissolve your fears, and get you back on your financial feet. Our team has more than 40 years of direct experience helping customers with income tax penalties and more. We work with both personal and corporate customers throughout Tacoma, Seattle, and environs. Contact us today for great results from IRS tax relief professionals who will provide you with customized service and superior results.