The government’s legal claim against your property when you neglect or fail to pay a tax debt is Federal tax lien. The lien protects the government’s interest in all your property, including real estate, personal property, and financial assets.
An IRS tax lien is a powerful tool at the disposal of the IRS and the lien can be against you, your spouse, or your company.
- An IRS Tax Lien can be attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.
- Once the IRS files a Notice of Federal Tax Lien, it may limit your ability to get credit.
- The lien attaches to all business property and to all rights to business property, including accounts receivable.
- If you file for bankruptcy, your tax debt, lien, and Notice of Federal Tax Lien may continue after the bankruptcy.
The federal tax lien can be avoided by simply filing and paying all your taxes in full and on time. If you can’t file or pay on time, don’t ignore the letters or correspondence. You must set up an installment agreement that meets the IRS requirements to avoid filing a lien. The IRS will not file a federal tax lien if a taxpayer sets up either a guaranteed installment agreement or a streamlined installment agreement.
As your representative, it is our job to make sure that all proper procedures have been followed by the IRS and to evaluate options to resolve your tax debt.
We Rescue Troubled Taxpayers.