IRS Tax Relief Help-line:
IRS Tax Lien
IRS Tax Lien and Your Real Property
Most encumbrances on or interests in a taxpayer's property, if properly perfected prior to the date on which the federal tax lien arises, have priority over the lien. Notice of the lien must be filed before it has priority over most subsequently perfected interests in the taxpayer's property. But once the notice is filed, the federal tax lien takes priority over all but a few subsequently arising interests in the taxpayer's property. Remember, the lien itself does not transfer or convey the taxpayer's property to the IRS. Such transfer of ownership is accomplished either through a judicial foreclosure of the lien, or through an administrative action such as a levy.
The IRS can potentially attach an IRS Tax Lien to all of your assets, including your home, your car, your Social Security number, and even your spouse's assets whether or not they were involved.
Some of the actions the IRS may take to collect back taxes owed include:
- The IRS will file a Notice of Federal Tax Lien,
- The IRS will serve a Notice of Levy (most likely IRS Wage Garnishment or IRS Bank Levy); or
- The IRS will keep your refund to which you are entitled.
An explanation of the IRS collection process is as follows: The Federal IRS Income Tax Lien is a claim against your property, including property that you acquire after the IRS Tax Lien arises. The IRS Tax Lien arises when you fail to pay the back taxes you owe within 10 days after the IRS sends you the first bill. By filing a Notice of Federal Tax Lien, the IRS establishes its interest in your property as a creditor in competition with other creditors in certain situations, such as bankruptcy proceedings or sales of real estate. The filing of a Notice of Federal Tax Lien may appear on your credit report and may harm your credit rating. Once an IRS Tax Lien arises, the IRS generally cannot issue a "Certificate of Release of Federal Tax Lien" until your tax, penalties, interest, and recording fees are paid in full or the IRS may no longer legally collect the tax.
In addition, the IRS will apply future federal tax refunds that you are due, to offset the amount you owe. Any state income tax refunds you are owed will also be applied, by the IRS, to your back tax liability.
An IRS tax lien attaches to every piece of property in your name and to all your rights to property, including accounts receivable if you own a business. A federal tax lien is the IRS' way of freezing your finances in an effort to secure payment for the tax you owe.
If you are a homeowner, you can kiss your equity good bye. The IRS Penalties and Interest (approx. 45% per Annam ) will eat your equity away. The IRS can sit on this IRS Tax Lien and collect a lot of money from you.
Once an IRS Tax Lien is filed, good luck trying to get a car loan, rent an apartment / house or get credit. Will you be able to get a car loan? Yes. Will it be a new car? Most likely not. Will the car dealer get you a loan with extremely high interest rates, Yes. It would be cheaper and quite frankly smarter for you to have an IRS Tax Professional resolve your IRS Tax Debt.
Once the IRS has filed an IRS Tax Lien against you, the process of finding the right Action Plan becomes all the more important. All of your particulars need to be known to us during our consultation. Before your Bank Account is Levied or the IRS Garnishes your Wages, an Action Plan needs to be in place.
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• IRS Wage Levy Release in 1 to 2 Days
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