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RE: Bank Accounts SEIZED In Greece As System Comes CRASHING Down!

in #money7 years ago (edited)

Wow man that's crazy! In the US that type of thing (freezing to collect taxes) is usually reserved for the most extreme circumstances, known as a jeopardy assessment:

https://www.irs.gov/irm/part5/irm_05-017-015.html

It's for illicit activities usually, not for common citizens who in the US get plenty of chances to catch up their payments; and sometimes, a free reduction "offer in compromise." Sometimes they may lien assets/accounts or garnish wages, but it's not as common as you get many late bills and chances as long as you respond to the IRS. Great article, I followed.

Edit: to mbg11's point, the IRS can/will prevent future refunds from going out when there is a delinquent balance, they use refunds to apply against the delinquency.

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If anything, in the US, if individuals don't pay their tax bill from prior years, their tax refunds are simply seized by the IRS to pay off any remaining balances.

Source: Me and the many experiences of trying to explain to people why they didn't get a refund this year...