Stop IRS Tax Liens
When you owe money to the Internal Revenue Service (IRS) and you have made no effort to pay or have not paid the full amount on time, one of its first lines of defense to collect the money is to file a tax lien against you. A tax lien gives the government a secured interest in your personal property. This includes real estate holdings and other financial assets. It’s important to remember when dealing with the IRS that it is an unwilling lender. That means it considers itself a secured creditor that has priority over all other creditors if collecting money you may owe.
Tax liens are often the gateway to more aggressive collection activities like tax levies, wage garnishments, and freezing your bank account. The worst thing you can do when you receive notice of a pending tax lien is to ignore it. Working with an Enrolled Agent at Yarborough Profession IRS Debt Solutions demonstrates that you are serious about settling your debt to the best of your ability.
Instead of proposing a settlement on your own behalf, take advantage of our agency’s insider experience. Most of our employees previously worked as IRS agents, and hiring our agency unlocks our unbeatable firsthand knowledge. Because we know how the system works from the inside, our Enrolled Agents can secure an agreement that is in your own best interest and that will also satisfy the government.
Steps the IRS Takes in Filing a Tax Lien
Before the IRS can file a tax lien against you, it must first assess what you owe and send you a bill. If you neglect to pay it or to make other arrangements, it will send you a Demand for Payment letter. If you still do not pay the amount you owe, the IRS will move to file a tax lien. To start the process, it files a Notice of Federal Tax Lien that notifies other creditors that it is first to collect on the debt you owe.
Once the IRS officially files the tax lien, it can affect you in several different ways. Since the information shows up on your credit report, you may not be able to open new credit or receive a line of credit increase on existing accounts. Additionally, it attaches to all current and future assets until you pay the debt in full. This includes business property and assets, such as your accounts receivable. Unfortunately, filing bankruptcy will not exempt you from paying your taxes due because provisions exist for tax debt not to be dischargeable in any type of bankruptcy.
Work with Yarborough to Find the Best Payment Option for You
Many taxpayers are intimidated by the thought of telling the IRS they can’t pay their debt, so they ignore the situation or accept the first offer the IRS makes to them. Neither of these options will help you now or in the future. You need an experienced negotiator liked the Enrolled Agents at Yarborough on your side throughout this process. Not only have worked with countless people in your position as Enrolled Agents, we also have previous experience as former IRS revenue officers.
We will propose a repayment plan to the IRS based on what works best for you. For some people, that may be a monthly payment plan. For others, we may be able to negotiate a settlement where you pay less than what you actually owe. The important thing is to rely on our expertise as former federal agents, so we can arrive at an offer you can live with long-term.
If you’re feeling panicked because you have received a Notice of Federal Tax Lien from the IRS, take a deep breath and contact Yarborough Professional IRS Debt Solutions. Contact our office to request a free consultation today. We will let you know right away if we’re able to help and what the best solutions are to resolve your tax lien issue.