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what is a federal tax lien?
A Notice of Federal Tax Lien will be issued by the IRS when a back tax liability goes unpaid. The larger the back tax liability the sooner a Federal Tax Lien is issued. A Notice of Federal Tax lien is public notice that you owe the IRS money filed. Anyone considering doing business with you (banks, vendors, customers) will know you owe back taxes. Upon filing a Federal Tax Lien the IRS becomes a secured creditor behind any other prior secured interests, but ahead of all unsecured creditors.
how does a federal tax lien work?
A Notice of Federal Tax Lien attaches to anything you own now or acquire in the future. Including your home, vehicles, equipment, bank accounts, stock, accounts receivable, inheritances…A FEDERAL TAX LIEN ATTACHES TO EVERYTHING. For instance, if you own a home with equity an IRS tax lien will attach to that equity and when you sell or refinance your home the IRS is going to either be paid in full or refuse to discharge their tax lien.
Will a Notice of Federal Tax Lien show up on my Credit Report?
A Notice of Federal tax lien will appear on your credit report driving your credit score down, limiting your borrowing opportunities and making you ineligible to borrow. We have a network of lenders specializing in financing to pay back tax liabilities despite the IRS tax lien. If interested please visit….LENDING LINK. An even better option would be to refinance now prior to the Federal Tax Lien being filed and then use the proceeds to pay only the back taxes you have to. In this case it would
be imperative that you talk with us to determine what you should pay and how to get the back tax payment dedicated to the portion of the Federal Tax Lien that will do you the most good. For instance, don’t make the mistake of paying off a period where the IRS Collection Statute is set to expire.
I’ve been contacted by other Tax Resolution Companies
A Notice of Federal Tax Lien is public record so many tax companies employ “openers” who troll through IRS and state tax lien filings and then pass you off to a “closer” both of which are unlicensed and get paid a large commission for securing your business. The solicitations will not stop until the tax lien is released. Before doing business with these tax companies we strongly encourage you to visit the Better Business Bureau at www.bbb.com as well as www.Ripoffreport.com. Be wary of anyone promising a quick and easy IRS Tax Lien Release. State Tax Lien A State Tax Lien is very similar to a Federal
Tax Lien in how it works and may or may not take priority over an IRS Tax Lien. State law controls whether a State or Federal Tax Lien has priority. Whichever taxing authority filed the tax lien first will generally have priority but some state laws determine priority by which tax liability was assessed first so a state tax lien may take priority over an IRS tax lien even if it was filed later.
HOW CAN I GET A FEDERAL TAX LIEN RELEASED?
Visit our Tax Solutions Tab > Getting a Federal Tax Lien Released
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