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Unresolved back taxes can lead to an empty bank account

On tax day, an acquaintance shared via Facebook that she had received a letter from the IRS that included a significant tax bill. Federal tax debts can add up for a number of reasons and can follow you for a long time.

The sale of an investment property required in divorce could come with a significant tax bill based on the capital gains. Growing up rich and fewer acting gigs was how a celebrity recently hit with an IRS bank levy explained her tax difficulties.

From tax lien to levy of assets

Tori Spelling and Dean McDermott reportedly had a significant amount drained from their bank account by the IRS. The levy of their account was apparently related to a 2014 tax lien against them for $707,487 in unpaid federal taxes.

But it is a continuation of financial issues that have for years plagued the couple. In a 2013 People interview, she admitted trying to be more “restrictive” in spending, including going without a new purse. In a biography that came out later that year, she said some of the money problems were because she couldn’t “let go of her expensive tastes.”

And she is not alone among celebrities. In our October post, we wrote about how a rapper was facing seizure of ticket sales revenue by the IRS. He had been hit with a $2.4 million tax lien.

The IRS has many collection tools at its disposal. The most recent is the ability to ask the State Department to deny or revoke a passport when tax debt exceeds $50,000.

There are options available to resolve tax debts once and for all. Speaking with a tax attorney is the best way to come up with a strategy that resolves past tax debts and anticipates and avoids future issues.

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