Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your accounts receivables. At this point everything you own is just one short step away from becoming the property of the United States Government.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks don’t want the extra work when the IRS comes in to take your money.
Tax Liens are public information. Your spouse, employers, business associates, and the public will know about your IRS tax debt.
With an IRS Tax lien on your record, you can’t get a reasonable loan to purchase a car. Think about paying 18-22% interest on a car that is already too expensive. You definitely cannot buy or sell any real estate. The list is endless.
Please contact us today and our experienced staff can help you resolve your tax lien problems.