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A federal tax lien is the government's legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government's interest in all your property, including real estate, personal property and even financial assets.
A tax lien is a lien imposed by law upon a property in an attempt to secure the payment of taxes. A tax lien might be imposed for delinquent taxes owed on real property or personal property, or due to failure to pay income taxes or various other taxes. An IRS tax lien exists after the government:
When the IRS files a tax lien, it means that your matter has been placed in active collections and you need to take action to prevent bank levies and wage garnishments. Usually bank levies and wage garnishments follow the filing of a tax lien by about 60 days.
When a tax lien is filed, taxpayers have a right to Appeal the filing of the lien. The Appeal can be made on the basis that the tax is not due; or that the tax should be negotiated and settled; or that the filing of the tax lien will hamper your ability to pay the tax and therefore, it should be discharged.
There are two critical times in which to appeal the filing of the tax lien. The first crucial time period is 30 days after the filing of the tax lien. Filing an appeal during this time will allow for judicial review if the preliminary appeal to the filing of the tax lien is not successful. The second crucial time period is within 1 year after the filing of the tax lien. An appeal filed within 1 year of the tax lien will be heard by the Regional Board of Appeals, however, judicial review is not available.
Once an appeal is filed, the IRS, in most circumstances will cease all collection action until the appeal is considered.
Tax liens do not last forever. Typically, they expire after 10 years from the day the tax was assessed. It is possible that the ten year period can be extended if you have previously filed an Offer-In-Compromise or a Bankruptcy. If your tax lien is very old, it may be ready to expire soon and you then will not need to pay the tax due.
Ignoring IRS correspondence will not make them go away. If you are unable to pay the full tax that you owe right away, you might have options. Call our tax experts today to avoid having a Federal tax lien placed against your property.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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