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Examining The Tax Lien

A tax lien is a way for the IRS to recoup a debt owed by a taxpayer. It is typically placed on the taxpayer's financial resources or property.

A tax lien is considered to be a form of security anytime a taxpayer chooses to ignore a notice of payment due.

This is especially true if ongoing back taxes are owed and not paid. In most instances a lien of this nature can be placed on anything from a house to cars or even accounts receivable.

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A tax lien is largely considered to be public information available in the public domain and therefor can have a direct impact on the taxpayer's credit rating or score.

The first sign that a lien may be forthcoming is when the IRS sends something known as a Notice and Demand for Payment. If the taxpayer fails to respond then the IRS will send a Notice of Federal Tax Lien.

Many times the IRS will also call the individual as a way to avoid actually placing the lien.

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It should be noted that a lien is different from a levy. A tax levy enables the IRS to collect a taxpayer's property as a way to pay off an existing debt.

Conversely, the tax lien is used to secure the debt against property. This simply implies that once the property has been sold that all proceeds will go to the government.

If there are any funds remaining once the debt has been satisfied then the taxpayer will receive the difference. The only way to remove a tax lien is to either pay the debt in full or file for something known as an Offer in Compromise.

Atlanta IRS Tax Attorney

If the Offer in Compromise is accepted by the IRS then the individual is expected to make direct deposit installment payments.

Working closely with an Atlanta IRS tax attorney is one of the first steps in ensuring that your particular case is handled in an organized and professional way.

While some taxpayers may wish to tackle a tax lien on there own, it is not advised. There are indeed many complexities associated with tax liens and levies. That is why it is so important to seek out legal assistance when needed.

Consult With Your Atlanta Tax Lawyer

As a note, liens are usually withdrawn or lifted only after the tax obligation has been paid in full. The statue of limitations also applies in that the tax debt expires after a given period of time and the lien is then fully removed.

The best strategy for avoiding a tax lien of any kind is to always file on time and to always file as accurately as possible. In addition, never ignore a lien notice. Consult with your Atlanta tax lawyer for IRS tax help anytime you receive a notice of this kind.

Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today for access to experienced and dedicated tax help and assistance.

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