If a Taxpayer Fails to Pay a Deficiency,the IRS Can

question 50

True/False

If a taxpayer fails to pay a deficiency,the IRS can garnish the taxpayer's salary or wage to settle the liability.

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Definitions:

Approving Payment

The process of confirming that an invoice or bill can be paid, often involving verification that the amount is correct and the goods or services were received.

Payment Duty

The obligation or requirement to make a payment to another party, often as part of a contractual agreement or as part of financial operations.

Bank Statement

A document or record provided by a bank detailing the transactions in a customer’s account over a specific period, including deposits, withdrawals, and balances.

Checking Account Balance

The amount of money currently available in one's checking account.