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Overdue Taxes? Act Quickly To Avoid Financial Woes
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 »  Home  »  Taxes  »  Overdue Taxes? Act Quickly To Avoid Financial Woes
Overdue Taxes? Act Quickly To Avoid Financial Woes
By Features Editor | Published  04/23/2008 | Taxes |
Features Editor
Peanut Butter, our Features Editor and Financial Wizard Wonder Dog selects exceptional articles from around the web to be featured on our website. 

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Overdue Taxes? Act Quickly To Avoid Financial Woes

(NewsUSA) - When your taxes are overdue, the Internal Revenue Service knows just how to make you pay up.

Each year, the IRS processes more than 200 million tax returns and collects over $2 trillion. Yet the agency is still owed billions of dollars in overdue taxes. As the major revenue collection agency of the federal government, however, there isn't much the IRS can't do to collect what is owed.

In fiscal year 2004, the IRS brought in $43.1 billion in enforcement revenue. It can use wage levies, bank levies or tax liens to get you to pay your overdue taxes. The agency needs only a judge's permission to seize Assets when it involves a personal residence.

"A notice from the IRS is serious business," said Charlie Jones, executive vice president of operations for JK Harris & Co., one of the nation's largest tax resolution firms. "The IRS is a powerful law enforcement agency. Most enforcement actions concerning collection of taxes can be done without judicial review. The IRS' power can make life very uncomfortable for someone who owes it money."

Ignoring a warning from the IRS can be risky and expensive. It's important that taxpayers realize their liability can be solved, and talking with an expert is often the best strategy. Because penalties and interest add up quickly, the sooner you seek guidance, the better.

"We serve a lot of clients who have received a notice or intent to levy from the IRS," Jones said. "Many people come to JK Harris when the IRS has already started its collection process."

Jones said the IRS has several programs that can help people avoid further enforcement if they qualify. JK Harris works with its clients to see if they meet the requirements for these programs. The firm then handles all correspondence with the IRS and also develops and submits the client's case. When necessary, its staff of former IRS agents, CPAs, attorneys and enrolled agents attempt to negotiate the best and most favorable way of settling a tax debt.

To learn more about the various services offered by JK Harris, call (888) 879-6507 or go to www.settlebacktaxes.com.

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