Understanding IRS Tax Liens & Levies:
What Are They and How to Resolve
Them
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 involves the government seizing property to settle owed taxes. When this occurs, the funds in your bank account may become inaccessible, meaning the government can control the available money without the account itself being frozen. However, apart from this restriction, the accounts will still function normally otherwise.
How can a Levy affect you?
- You get less money on your paycheck
- Your bank accounts could be frozen
- Your house could be in jeopardy. That's the IRS last resort but it could happen
How to stop a Levy?
- Pay your tax bill
- Submit an Offer in Compromise
- Bankruptcy
- Get on an installment plan
- File an appeal
What we can do to help you?
- 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.
Solutions For Resolving Your IRS Debt
provide advice on the options available to you. Your tax issue is handled with the utmost
confidentiality and privacy.
