What Happens If You Owe the IRS More Than $25,000? [8 Things]

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What happens if you owe the IRS more than $25,000? In this video, I tell you eight things that happen to you if you owe the IRS more than $25,000, and then at the end of the video I tell you what you should do if you owe the IRS more than $25,000. Leave any questions in the comments!
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Table of Contents:
0:00 What Happens If You Owe the IRS More Than $25,000?
0:55 Loss of Individual Installment Agreement Payment Options
1:50 How Much You'll Have to Pay the IRS At a Minimum in an Installment Agreement
2:54 You May Be Stuck With Your Notice of Federal Tax Lien
5:28 Interest Accrual
6:08 Penalty Accrual
6:45 Loss of Business Installment Agreement Options
7:15 Potential Revenue Officer Assignment (for Payroll Taxes)
7:41 Increased Risk of IRS Wage Garnishments and Bank Levies
9:41 What Should You Do If You Owe the IRS More Than $25,000?
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[@richsmithedu]

Imagine owing $25,000 then ignoring it for a year … that interest creeps us fast 😮

[@LoganAllec]

What's even more insane is that we have clients who owe 100x this amount...typically people who had a successful business (whose income they never paid taxes on) that went downhill and now they have a "normal" job...the annual interest accrual can be greater than their entire annual income in some cases...

[@yvonnemercury5443]

Are your employees as good 👍 like you

[@tamekadavis9051]

Hey

[@LoganAllec]

Hi, Tameka!

[@meekrodriguez6438]

First

[@LoganAllec]

Indeed.