What Happens If You Owe the IRS More Than $50,000? [9 Things]

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What happens if you owe the IRS more than $50,000? In this video, I tell you eight things that happen to you if you owe the IRS more than $50,000, and then at the end of the video I tell you what you should do if you owe the IRS more than $50,000. Leave any questions in the comments!
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Table of Contents:
0:00 What Happens If You Owe the IRS More Than $50,000?
0:36 Passport Issues
2:59 Loss of Streamlined Installment Agreement Payment Option
3:28 How Much You'll Have to Pay the IRS At a Minimum in an Installment Agreement
4:03 You May Be Stuck With Your Notice of Federal Tax Lien
5:32 Interest Accrual
6:23 Penalty Accrual
6:58 Loss of Business Installment Agreement Options
7:29 Potential Revenue Officer Assignment (for Payroll Taxes)
8:02 Increased Risk of IRS Wage Garnishments and Bank Levies
10:21 What Should You Do If You Owe the IRS More Than $50,000?
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[@jamesharris6368]

It's funny how the IRS uses the words "You owe us"...like they lent us money😂
Oh I'm sorry I forgot I borrowed money from you.

[@LoganAllec]

I think in their minds, it's all their money, but they just "generously" let us keep half of it.

[@ComputerUser-ty3ml]

Dissolved c-corp with no current assets or income with $140K in back tax. RO has been assigned which I am surprised since the tax is income not payroll. What options to settle?

[@juliannewman8720]

Man you simplify it like no one I’ve ever heard. My dad had a business when I was in high school & my mom got sick & my dad had to quit paying taxes on his business in order to keep the roof over our head. I think he owes like 90k in taxes but he can’t afford that or anything close to that. He’s 62 years old.
Was considering applying for a hardship for him but he doesn’t want the IRS down his back knowing there’s no guarantees that it will help him. Any advice?