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A legal claim by a government entity against a noncompliant taxpayer’s assets. Tax liens are a last resort to force an individual or business to pay back taxes. To get rid of a lien, the taxpayer must pay what he or she owes, get the debt dismissed in bankruptcy court or reach an offer in compromise with the tax authorities. Federal and state governments may place tax liens for unpaid federal or state income taxes, while local governments may place tax liens for unpaid local income or property taxes. (source: investopedia)
Some people use the words “lien” and “levy” interchangeably.
A tax lien is a document filed by the IRS to protect the government’s ability to collect money.
A levy is the forced collection of tax, for example by confiscating money directly out of a bank account or paycheck.
A tax lien can be one of the worst items to appear on your credit report. It’s considered very negative and can cause your credit scores to drop significantly. Even worse, under federal law, unpaid tax liens can remain on credit reports indefinitely, though in practice credit bureaus may remove them after a decade or so. (Once paid and released, a tax lien must be removed seven years from the date it was filed.)
There is a way to make tax liens disappear from your credit reports completely, and quickly, though. Unfortunately, not all taxpayers who are dealing with this problem know about it.
The IRS can take ownership of personal or business property when they fail to collect a tax liability. The process begins with a demand for payment with ten days to respond. If you don’t pay or reach an agreement, a tax lien gives the IRS legal rights to your property. Defense Tax Group provides tax lien help to restore your property rights.
Federal tax liens can be prevented from being filed in the first place by paying the tax in full and prior to any lien is filed by the IRS. Liens can also be prevented by setting 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. These types of installment agreements require that the outstanding balance be $10,000 or less in the case of guaranteed installment agreements or $25,000 or less in the case of streamlined installment agreements.
An IRS tax lien can result in the IRS taking control of your property, titles to vehicles and seizure of your property for auction, if the problem is not resolved swiftly. The tax lien can be released if the tax liability is paid, or a settlement is reached with the IRS to satisfy the debt. To protect your assets, it is essential to remove tax liens as quickly as possible.
We understand how hard you have worked to acquire your property and assets. Anything of value can be taken to satisfy the tax liability. We also understand the potentially devastating effects of a federal tax lien. This can damage your credit and make it difficult, if not impossible, to get a loan or credit. We will act immediately to remove the tax lien and block the seizure of your assets.
The IRS is represented by an army of attorneys. You should be represented by a qualified IRS Tax Relief Attorney when facing a federal tax lien. In many cases, we are able to remove a tax lien within 48 hours. Tax lien help is minutes away. Contact us by telephone or fill out the online contact form today, so an attorney can begin working on your case.
Working with the experts at Defense Tax is fast and easy:
♦ Form W-2