The IRS just released just released data providing information about all things tax collection. Included in the data they released is information about tax liens and tax levies. It looks as though fewer taxpayers were assessed liens and levies in 2012 than in 2011.
What are Tax Liens and Tax Levies?
The IRS has been stepping up enforcement recently, with an increase in audits. Indeed, one in eight millionaires was audited during fiscal year 2011, according to the IRS. The IRS has also reported that it is increasing its efforts to catch tax evaders who move their money offshore.
An IRS tax levy really is a last resort collection mechanism used by the IRS. Before the IRS begins to levy there should be fair warning to the taxpayer and the levy should not be a surprise. The IRS offers up many different mechanisms to the taxpayer to get back into […]