There is not much more the Internal Revenue Service can do to unnerve a taxpayer than levy his or her property. A levy by the IRS permits it to legally seize the property of a taxpayer to satisfy a tax debt. The IRS may use a levy to garnish wages, take money in a...
When You Have Serious Tax Issues, You Need Someone Who Knows Tax Law
Tax Liens
5 WAYS TO GET AROUND A FEDERAL TAX LIEN
Federal tax liens can hurt your ability to get credit or sell your home. When you already have delinquent IRS tax debt, the tax lien can put you in an even tougher financial situation. Fortunately, there are many ways to get around the federal tax lien....
DOES A TAX LIEN IMPACT YOUR CREDIT?
Tax liens no longer have an impact on your credit score. However, they could still be visible to some creditors and affect your ability to sell or borrow against your home. Tax Liens Don’t Appear on Credit Reports The three major credit bureaus agreed to remove all...
Tax Lien Release Vs. Tax Lien Withdrawal
Federal tax liens are a public record that informs your other creditors of your IRS tax debt. The lien can impact your ability to sell your home, refinance, or get a home equity loan. There are several ways around a tax lien, including getting it released, withdrawn,...
Strategies for Reducing the Impact of a Federal Tax Lien
An IRS tax lien can hurt your credit, cause financial problems, and encumber all of your personal and business property. Fortunately, there are many different ways to eliminate the lien or reduce the lien’s impact. Pay Off Your Tax Debt If you pay off your tax debt in...
Reasons the IRS Will Withdraw a Federal Tax Lien
A tax lien withdrawal completely removes the Notice of Federal Tax Lien (NFTL) from the public records. This lets your other creditors know that they won’t have to compete with the IRS, and could make it easier to sell, refinance, or borrow against your home. The IRS...
What Does a Federal Tax Lien Do?
A tax lien is a legal encumbrance on your property. It doesn’t result in an immediate seizure of your assets, but it can still prevent you from selling your home or getting a loan. Notice of Federal Tax Lien The IRS tax lien applies to all of your property as soon as...
Does a Federal Tax Lien Expire?
The IRS tax lien expires when your tax debt is no longer collectible. The general rule is that the IRS has ten years to collect delinquent taxes, but a number of events can extend this period. Beginning the Collections Period The IRS has ten years to collect taxes,...
Does Bankruptcy Discharge a Tax Lien?
A bankruptcy can eliminate certain types of tax debts, but it does not remove a federal tax lien. If a Notice of Federal Tax Lien has been filed against your property, it can complicate your bankruptcy case. You should talk to a tax attorney before filing for...
What Does a Federal Tax Lien Do?
A federal tax lien doesn’t immediately take any of your property, which may make it seem less intimidating than other IRS collection actions. However, the federal tax lien has many attributes that make it a powerful collection method: It is a blanket lien, meaning it...