Taxes are an essential component of an efficient government. However, when you’re on the receiving end of IRS problems, it can feel like you’re under attack. In Texarkana, TX, Selph and Friday, CPA, use their considerable skill in assisting local clients with a wide range of issues, including income tax preparation. The following is some basic information on what you should know about collection threats from the IRS, which can be quite stressful if you’re struggling with debt.

How to Understand & Handle Your IRS Problem

1. Collection Notices

If there is an IRS problem, you will receive collection notices, provided in a particular order according to law. The first lists the balance due, which is followed by an additional reminder of the amount owed. The final notice precedes the CP 90: Final Notice of Intent to Levy and Notice of Your Right to a Hearing.

2. Your Right to Appeal

Once you receive the CP90, you will have thirty days to respond. You can request an appointment with an IRS agent, who will provide information and solutions to resolving outstanding debt. You will likely wait at least six weeks before having your appeal meeting. You can also request that the appeal is heard by a tax court, which is not part of the IRS.

3. Exempt Properties

When it comes to paying back tax debt, certain types of property are exempt from seizure. This includes professional tools, clothing, and household items that value up to $8,250. Regarding income and wage garnishment, the IRS is not permitted to institute levies totaling more than 15% on certain income. For instance, workers’ compensation, unemployment payouts, and disability benefits for veterans.

If you have IRS problems and need help, turn to the caring team at Selph and Friday, CPA. Serving the community for almost 30 years, they have the experience to provide quality guidance and represent your interests with everything from audits to missing refunds. Call (903) 792-0281 to schedule an appointment with a trusted accountant, or visit the website for more information on the full range of services available.