What can the irs do to me?

6th Nov 2009 by Tom Lindmark

I assume you mean what can they do to you other than take a lot of money that you earn away from you every year. If that's the case, I suspect that the real question you have is what can they do to me if I don't pay them. The answer is lots. To start with, they can seize your bank accounts, garnish your wages and also grab any other assets that are worth some money. For instance, if you have a couple of cars and a boat they can take those away as well. If they decide to get really nasty and you have not been filing income taxes or otherwise really breaking their rules they can prosecute you for tax evasion or tax fraud and throw you in jail. Oh, and just for good measure you can't get rid of them via bankruptcy. The bankruptcy code prevents the discharge of IRS obligations. So, pay them and if you haven't, talk to them about how to work out the problems. They just want your money and will actually often settle for lots less than you owe.

This answer is the subjective opinion of the writer and not of FinancialAdvisory.com