irs
My sister owes the IRS about $4,000 and someone told her that they will put her in jail if she can't come up with the money. I say it isn't true.....any thoughts?
Thanks!
2 Answers from Attorneys
Re: irs
Several ways to deal with IRS debt depending in the circumstances. Usually they would rather have money.
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Re: irs
No, most likely they will intercept her tax refunds to satisfy the debt for the back taxes, interest, and penalties owed. They also might eventually file an IRS tax lien in the public records in the county where she lives. This will prevent her from selling or refinancing her house until the back taxes are paid. However, normally they only put people in jail for tax fraud or tax evasion and for much larger amounts than $4,000. She should probably hire a tax attorney and/or an accountant and try to make an offer in compromise or enter into a repayment plan. Be aware that the penalties and interest for back taxes are stiff.
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