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Notification of an IRS Tax Lien can be intimidating to process. But dealing with it doesn’t have to be. This is important to know: if you have a Federal Tax Lien filed against you, it’s important that you handle it quickly and effectively or you may lose your assets. These can include money in your bank account, an IRS bank levy, your car, and other property, your paycheck, wage garnishment, your retirement funds, and even your home.
The best way to avoid a lien is to file and pay taxes, on time and in full. If something prevents you from doing so, you need to communicate with the IRS to make some type of payment arrangement.
There are payment options and ways to settle your tax debt for pennies on the dollar. This of course is dependent on your individual situation.
Ignoring the correspondence from the IRS only compounds the matter. You would best be served by retaining a tax professional, like a Certified Public Accountant (CPA), to determine your best path forward in solving your tax debt.
A lien is a legal claim against your property to secure payment of your tax debt.
A federal tax lien comes into being when the IRS assesses a tax against you and sends you a bill that you neglect or refuse to pay it. The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
You have the right to appeal if the IRS advises you of the intent to file a Notice of Federal Tax Lien.
Credit reporting agencies may find the Notice of Federal Tax Lien and include it in your credit report.
Getting Rid of an IRS Tax Lien
The best way to get rid of a federal tax lien is to pay your tax debt – in full if you can.
The next best way of getting rid of the IRS Tax Lien is employ a tax resolution expert, preferably a Certified Public Accountant, (CPA) who will be able to help you by negotiating a suitable payment program (if you have the financial means to pay your back taxes) or to assist you in filing for an Offer in Compromise (OIC).
Don’t fight the IRS alone, it’s like going to court without a lawyer, your chance of winning is very slim. Employ a tax resolution specialist who understands how to deal with the IRS.
User | 22/06/2021