A tax lien is a legal claim a government places on real estate or other assets when the owner is past due on taxes. Municipalities may sell tax liens to investors who pay the tax bill in return for the right to collect the money and interest from property owners. If you don’t take care of a federal tax lien, a tax levy could come next.
If you owe back taxes and the IRS socks you with a federal tax lien, here’s what could happen next.- Your creditworthiness could take a nosedive.- It can jeopardize a home sale or refinancing.- It can cost you a lot of time.- You can end up with a tax levy.
To get it removed:- Pay your tax bill- Get on an installment plan- Submit an Offer in Compromise- File an appeal- Bankruptcy
A tax levy is the seizure of property to pay taxes owed. Tax levies can include penalties such as garnishing wages or seizing assets and bank accounts. Some items can’t be seized. Tax levies typically show up after the government has placed a tax lien.
1. You get less money on your paycheck
2. Your bank accounts could be frozen
3. Your house could be in jeopardy. That's the IRS last resort but it could happen.
- Pay your tax bill
- Get on an installment plan
- Submit an Offer in Compromise
- File an appeal- Bankruptcy
Respond professionally to any IRS correspondence you received.
Get a Lien removed or negotiated so you can sell your house.
Stop a levy and get you in a resolution option.
Contact the IRS on your behalf so that you don’t have to face them directly.
Represent your case before the IRS.
Get you caught up on filing back tax returns that are late.
Understand the IRS Collections process and your rights.
Negotiate penalties, interest, and taxes due to lower your debt.
Work out a payment plan on any money you owe to the IRS.
Fight for you on issues that come up, such as innocent spouse situations or positions taken on tax returns.
Help you get levies and liens removed from your assets.
Contact us at no obligation to you so we can understand your specific tax situation and provide advice on the options available to you. Your tax issue is handled with the utmost confidentiality and privacy.
My Tax Problems Solved helps taxpayers by finding the best solution to their tax problems so that they can have control over their financial life with a great client experience.