There is a misconception that everyone needs to file their tax returns, no matter how much they earn simply to be accountable. The truth is, according to the tax code, millions of individuals every year do not need to file any tax returns. But with the government's stimulus benefits given to taxpayers, everyone wants to file hoping to get some share of this benefit.

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Did you know the government has the authority to freeze your bank accounts under certain circumstances? If you owe the IRS for a prolonged period of time despite their best efforts to retrieve what is their due, they may slap you with a tax levy. But the government can only freeze your money for 21 days and the freeze only applies to the money that is in your account at the time the levy is issued. Any deposits thereafter are not frozen. It would take a second levy to freeze deposits made after the initial levy. Here are a few things you can do to avoid ever having a levy put on your accounts.

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If you want to fully discharge your tax debt, you must have made your returns on time. However, fully discharging taxes that are from a return that was filed late is not possible. Tardy tax returns is likened to tax evasion; blaming a poor memory is no good, either. This is why it is not possible to obtain a full discharge if your returns are late. However, you may qualify for other forms of help from the IRS.

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Just what is an IRS levy? You would usually be subject to an IRS levy only when all efforts by the IRS to collect taxes from you have failed. Thus, an IRS levy is the last straw when it comes to collecting back taxes. It is a tool that will freeze your assets so that the IRS can remove as much money from your bank accounts as they need to pay off your tax debt. Although it is the final means of retrieving taxes from you, an IRS levy can still be reversed.

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No one enjoys being the subject of an IRS audit. In order to keep on the right side of the IRS, it is important to know how to avoid being subjected to such an audit. So how do you determine what is deemed as a reasonable cause for an IRS audit? The fact is that there are certain things that will cause a red flag more times than not. One too many red flags and you are in hot soup. Here are just a few things that usually constitute reasonable cause for IRS audits.

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