What Power Does the IRS Have if I Owe Money?

On: February 15, 2019

1. It can charge interest. It accrues daily.
2. It can charge penalties for failure to file, pay, under-report, etc.…
3. It can audit you.
4. It can file a lien against property you own. If you sell, the IRS can put itself in line to. receive the proceeds before you personally.
5. It can file bank levies and seize all monies in named accounts.
6. It can file levies against accounts receivables owed to you under contracts.
7. It can garnish your wages.
8. It can garnish your social security benefits.
9. It can garnish your retirement benefits.
10. It can seize your house, real property and personal property.

The IRS can do the above under its own authority and does not need a court order except to seize real and personal property.