Tax DebtOwing taxes to the government isn't anyone's favorite thing to do, but when a person can't make the payment, tax debt can become quite a burden. Some tax debt can be eliminated by bankruptcy; others need to be paid off in an arrangement with the IRS. When back taxes are owed, the IRS will offer threatening letters, phone calls, and visits from collection personnel, which can be stressful and damaging to a credit report. A federal tax lien can be filed against your assets to collect on back taxes. This would include levying bank accounts, seizing your home, investments, vehicles or anything else of value.
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