June 23, 2018

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Can the IRS Garnish Wages?

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Can the IRS Garnish Wages?

Few agencies can strike fear into the hearts of Americans in quite the same way the IRS does.

Rumors abound when it comes to the long-arm of the IRS. One of the biggest rumors is that if taxpayers make a mistake on their tax return, the IRS will audit them. Another popular rumor is that the IRS can send you to jail for minor tax infractions.

While it’s true that making outrageous claims on your tax returns, such as donating 50 percent of one’s income to charity, will often cause the IRS to examine your return more closely, taxpayers should not be afraid to claim legitimate deductions for fear of being audited.

However, one of the powers the IRS does possess is the ability to garner wages for past-due taxes. Like any other creditor, the IRS has the ability to recover what is owed. However, unlike other creditors – which must first obtain a court judgment before garnishing wages – the IRS is not required to first get a judgment before it may garner taxpayers’ wages.

Taxpayers who are about to have their wages garnished will first receive notice from the IRS that the action is about to occur. That notice will come in the form of a written document which contains the amount owed to the IRS. The IRS is required to itemize the full amount, indicating how much is the actual tax owed, how much is penalties for failure to pay and how much of it is interest.

The notice also will include a date by which payment in full is expected. If payment is not received by the date specified on the notice, the IRS will then take action to collect the monies owed. Actions they are permitted to take include the seizure of assets, the placing of liens on a taxpayer’s property, garnishing wages or claiming future tax refunds.

While federal law limits the amount of money creditors can take directly from a person’s wages, the IRS is not subject to those same guidelines. Tax code simply dictates what the IRS must leave taxpayers whose wages they garnish. Basically, a taxpayer will be left with only what the IRS deems is necessary for the payment of their basic needs.

So what happens if you are one of those taxpayers who owe a significant amount in back taxes? Can you automatically expect to have your wages garnished?

The good news – if there is perhaps ever any good news when the IRS is involved – is that wage garnishment is usually a last resort for the IRS. Taxpayers who attempt to work with the IRS to pay what they owe will find the process a lot easier than having their wages garnished.

One of the most popular options is for taxpayers to enter into what is known as an installment agreement with the IRS. Taxpayers who agree to an installment repayment plan are seen as being in compliance, and the IRS is less likely to take a harsher course of action – like wage garnishment – to recover back taxes. The only down side to an installment plan is that interest continues to accrue on the total amount owed while taxpayers are making payments, similar to what happens when a person makes only the minimum payment on a full credit card balance.

Those who are facing the possibility of wage garnishment from the IRS may wish to consult a reliable tax relief agency or professional legal counsel to determine which option is best for them.

Governor: Online Tax Revenue Must Go to Property Tax Relief

LINCOLN, Neb. (AP) - Nebraska's governor says that if the Legislature takes advantage of the U.S. Supreme Court decision to let states collect sales tax from online purchases, the new Nebraska revenue should go toward property tax relief. The court ruled ...

Published:  Fri, 22 Jun 2018 05:30:00 GMT

Ricketts says online sales taxes should go to property tax relief if Nebraska takes advantage of ruling

The U.S. Supreme Court on Thursday cleared the path for Nebraska's collection of state sales taxes on online purchases, opening the door to an increase in state revenue estimated at $30 million to $40 million a year. The 5-4 decision overruled a previous ...

Published:  Thu, 21 Jun 2018 12:00:00 GMT

Bill Kelly: Canadian businesses need tax relief

A number of Canadian business associations are calling on the federal government to reduce the commercial and business tax rate, and the government should be paying attention. One of the main reasons for Canada's slide is the massive business tax cuts ...

Published:  Fri, 22 Jun 2018 05:49:00 GMT

Keep over-60s at work with tax relief, says bosses' lobby

PETALING JAYA: The federal government should provide tax relief for older workers and double deductions for employers who keep older workers in the work force beyond retirement age, says the Malaysian Employers Federation. MEF executive director Shamsuddin ...

Published:  Thu, 21 Jun 2018 16:09:00 GMT

Bill to Promote Property Tax Relief Program Advances

This post was contributed by a community member. OCEAN TOWNSHIP - Legislation sponsored by Assembly Members Eric Houghtaling and Joann Downey to help ensure that New Jersey taxpayers are well aware of the property tax relief programs available to them was ...

Published:  Thu, 21 Jun 2018 13:45:00 GMT

Tanzania tourism toasts effects of tax relief

Tourism players in Tanzania are likely to raise their glasses to toast for remarkable earnings this year, thanks to the state for granting them a tax relief in a bid to spur industry growth. In the 2018/19 budget tabled in parliament on Thursday last week ...

Published:  Tue, 19 Jun 2018 12:38:00 GMT

Recommendations for the Arkansas Tax Reform and Relief Task Force

The Arkansas Tax Reform and Relief Task Force continues its study of overhauling the Arkansas tax code. Over the course of the last several months, the Tax Foundation has provided the task force with advice on reforming the state's sales, income ...

Published:  Thu, 21 Jun 2018 11:59:00 GMT

Real Estate Tax Break Program for Seniors Could See Eligibility Changes

Arlington officials are set to move ahead with changes to the county's real estate tax relief program, a policy designed to help older Arlingtonians stay in their homes amid rising property values. The program is currently open to homeowners age 65 or ...

Published:  Tue, 19 Jun 2018 10:45:00 GMT

Bill Raising Awareness of Property Tax Relief Programs Advances

This post was contributed by a community member. OCEAN TOWNSHIP - Legislation sponsored by Assembly Members Eric Houghtaling and Joann Downey to help ensure that New Jersey taxpayers are well aware of the property tax relief programs available to them ...

Published:  Wed, 20 Jun 2018 10:04:00 GMT

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