tax liens
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tax liens
Tax liens are a claim by the Internal Revenue Service (IRS) placed on an uncooperative tax payer. A tax lien is a method used by the IRS to secure tax debt. The IRS can place a lien on real property if the owner of the real property is defaulting on their income taxes or property taxes. This applies for both state and federal taxes. This does not always mean the property will be sold. This is a tactic used to ensure you will pay your tax debt.
A tax lien does prevent you from refinancing or selling your property. It will be temporary property of the government until the debt is paid for. If a tax lien placed on the property isn’t enough to secure the debt, the IRS will levy the your bank accounts, your vehicles, and investment accounts until the debt is satisfied. A tax lien gives the IRS power to hold your property, but a tax levy gives them the ability to sell your assets to secure the amount owed.
Removing Tax Liens
Tax liens can also be placed on future assets. The filing for bankruptcy will not remove the liens placed. Paying your debt in full will have the IRS release any liens within a month of fulfillment. If you are unable to pay the debt in full, we recommend these avenues to be taken:
- Offer in Compromise (OIC)
- Tax Lien Withdrawal
- Installment Agreement
The Internal Revenue Service (IRS) will be relentless when trying to secure their tax debt. Don’t fall prey to their enforcement tactics. Speak with one of our tax expert today so we can take swift action against the IRS.
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