Having a tax lien filed against you or your business can happen to anyone. However, receiving the notice from the IRS or state in the mail can be an alarming experience. It means that a serious tax debt situation is present.
Individual IRS Tax Liens
Business IRS Tax Liens
How to Release a Tax Lien
Fortunately, if you've had a tax lien filed against you, you are not alone - the IRS files more than 1 million liens per year.
But there is hope, and help is available.
When looking for tax lien help, it is important to understand what a tax lien is, as well as the options available.
What is a Tax Lien?
A Notice of Federal Tax Lien notifies a taxpayer's general creditors about the existence of a federal tax debt. It is not a step that is required by the IRS to enforce collection against a taxpayer. This means that the IRS can and will seize assets even if no tax lien has been filed.
To learn more about what tax liens are and how they can affect your life, click here.
When is a Tax Lien filed?
The Taxing Authorities have complete control and discretion over when the lien filing occurs. Once it's been determined that the tax debt is owed and not paid after a period of time, the IRS can, and usually will, file liens quickly and with few exceptions.
The filing of a federal tax lien is the IRS' first line of defense. In other words, the IRS traditionally files a tax lien very soon after it is established that a taxpayer has an unpaid assessment that cannot be immediately paid in full.
What can be done to deal with a Tax Lien?
The bottom line is you need to work toward getting your lien released. When released, your property or assets will not longer be at risk. However, this is possible only after the balance is paid in full, after the Collection Statute Expiration Date.
But even after a lien has been released, it still remains on your record, negatively affecting your credit score. At this stage, you'll have to work to get the lien withdrawn, also called a lien withdrawal.
This would take the tax lien off of your credit report permanently as if it was never filed in the first place.
As you can imagine, the process is very complicated and can take a long time to fully resolve. An experienced Enrolled Agent can help you through these step to ensure a smooth release and withdrawal of your lien.
It's important to note that there are specific criteria that must be met before achieving these outcomes. However, it's worthwhile to check in with one of our licensed tax advisors for a free consultation to receive tax lien help and truly understand what options are available to you.
You deserve to live a life free of tax debt. Begin your resolution process today.
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