A Guide to International Taxation Problems
If you have international taxation problems, it is advisable for you to ensure that you start the process of resolving these problems within the shortest time possible. There is a lot of emotional stress that is involved with dealing with these problems. In addition to this, there are various regulations, rules, forms and process that are used to deal with these problems, and you might not be aware of these processes.
You should work with fatca tax attorneys to get relief from different tax problems. You should know that there are various risks associated with these problems, which is why you should deal with them the soonest possible. If you do not deal with your international taxation problems immediately, it is important to note that the revenue authority can seize or levy your bank account as well as take money from your account.
The revenue authority can also file a levy notice with your employer to ensure that you salary, wages and other types of income are levied. Usually, they will take a significant amount of money from your paycheck and this will also let your employer know that you are experiencing problems with the revenue authority. If you have retirement accounts, you should note that the revenue authority can enforce collection against them.
Tax penalties resulting from international tax problems might spiral out of control and they will continue accruing to high amounts. To ensure that you meet your tax liability, you should know that the revenue authority can seize your assets to sell at public auctions. With the approval of the court, your residence can be seized by the revenue authority and sold to ensure that you satisfy the tax liability. In cases where the revenue authority is not sure of the property or assets that you own, summons can be issued to third parties like your employer, credit union and bank to find out the property you have.
You should note that you can receive a summons from the revenue authority requiring you to produce records, papers and other data as well as to appear or provide a testimony. A Notice of Federal Tax Lien can also be filed by the revenue authority, which is normally a public notice of lien in favor of the country on the rights to property and the property that you own. To ensure that you do not face such risks, begin the process of resolving your international taxation problems the soonest you can.
