You'll want to pay your taxes, if only to avoid these consequences.
makes it clear that in some cases, the agency can appropriate your house or car, not to mention your income or bank account.
They might restrain themselves if it's agreed that you're suffering"economic hardship," which means their seizure would hinder your ability to meet"basic, reasonable living expenses." Plus, the publication reads,"If there's money left over from the sale [of your assets] after paying off your tax debt, we'll tell you how to get a refund." Make of that what you will.
It won't necessarily be you who is asked to meet with the agency: A third party with information relevant to your case, such as a record keeper from a financial institution, could be summoned instead. If the IRS is simply gathering info, you'll be informed of the third-party summons, but if it's in reference to money it's already clear you owe, you might not even find out.Let's hope it doesn't come to this.
Remember that bankruptcy isn't magic: While in certain cases, a tax debt can be discharged, if it has turned into a tax lien, it might not be erased."Instead," clarifies Green,"the IRS will generally suspend the debt and seek to collect it after bankruptcy."While jail is unusual for most well-meaning citizens, it is a possibility.
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