If You Think You Shouldn't Worry About A Tax Lien, You're Wrong!
Updated: Nov 4, 2021
If you owe back taxes, the government can place a tax lien on your property. If you have not been paying your taxes for years, Tax liens can be a scary thing. After all, not only do they represent an unpaid debt to the IRS, but they also mean that you're never going to own property without first paying off your tax lien. A tax lien is a legal claim that the government has on your property because you haven't paid your taxes. But what does this really mean for a person? What are the consequences of a tax lien?
How A Federal Tax Lien Affects You
Assets – A lien attaches to all of your assets (including real estate, stocks, and cars) as well as future assets acquired during the term of the lien.
Credit – If the IRS issues a Notice of Federal Tax Lien, your ability to get credit may be impeded.
Business — The lien attaches to all business properties and rights to the property, including accounts receivable.
Bankruptcy – If you declare bankruptcy, your tax liability, lien, and Notice of Federal Tax Lien may be reinstated.
How To Avoid Liens
You may prevent a federal tax lien by reporting and paying all of your taxes on time and in full. If you are unable to file or pay on time, do not disregard any letters or communication from the IRS. It sounds easier than it really is, but it's a necessary process in order to be in good standing with the IRS. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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