To discover the precise amount that have to be paid in order to be released from the levy, you will get to call the number on your notice. Failure to contact the agency immediately could result in a seizure, which is baed on the legal seizure of a taxpayer’s assets in order to settle the tax debt.
If we take a look to the revenue agency there is a penalty that is imposed in an automatic way by the time a tax due is not paid after the first invoice is received. The penalty consists of a legal claim against all of the taxpayer’s property, whether current or future, including salary, home, vehicle and bank accounts.
What Should I do if I Receive this IRS Penalty
According to the agency, when a Notice of Federal Tax Lien is received, the taxpayer have the obligation to immediately pay the full amount due. The agency detailed that the Notice of Federal Tax Lien shows only your assessed balance as of the date of the notice. It does not show you the balance remaining to pay off the debt, nor does it include our charges for filing and releasing the lien.
In order to find out the exact quantity to be paid in order to be released from the tax, you will have to call the number of your notice. Failure to contact the agency immediately may result in the imposition of a seizure, which consists of the legal seizure of a taxpayer’s assets in order to settle the tax debt.
Reasons Why the IRS May Relieve a Taxpayer of This Penalty
Release of the federal tax lien shows that the authorities removed the lien from your debt by filing a Federal Tax Lien Release Certificate with the appropriate authorities. According to the IRS, this action can be revoked in these situations:
- The debt is totally paid
- Payment of the debt is secured by a bond
- The payment conditions of an Offer in Compromise that the IRS accepted have been met
- The collection period is over, so release is automatic
We may charge interest on a penalty if you don’t pay it in full. We charge some penalties every month until you pay the full amount you owe. Understand the several categories of penalties, what you need to do if you get a penalty and how to avoid getting one.
How you know you owe a penalty
When we charge you a penalty, we send you a notice or letter. The notice or letter will tell you about the penalty, the reason for the charge and what to do next. Verify the information in your notice or letter is correct. If you can resolve the problem in your notice or letter, a penalty may not apply.
Types of penalties
These are some penalties we send notices and letters about:
- Information return applies to taxpayers who don’t file or furnish their required information return or payee statement correctly by the due date.
- Failure to file applies when you don’t file your tax return by the due date.
- Failure to pay applies when you don’t pay the tax you owe by the due date.
- Accuracy-related applies when you don’t claim all your income or when you claim deductions or credits for which you don’t qualify.
- Erroneous claim for refund or credit penalty applies when you submit a claim for refund or credit of income tax for an excessive amount and reasonable cause does not apply.
- Failure to deposit applies when you don’t pay employment taxes accurately or on time.
- Tax preparer penalties apply to tax return preparers who engage in misconduct.
- Dishonored checks or other form of payment applies when your bank doesn’t honor your check or other form of payment.
- Underpayment of estimated tax by corporations applies when you don’t pay estimated tax accurately or on time for a corporation.
- Underpayment of estimated tax by individuals applies when you don’t pay estimated tax accurately or on time as an individual.
- International information reporting applies to certain taxpayers who fail to timely and correctly report foreign sourced financial activies.
