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Tax Liens and You

June 13th

tax lienWhen you avoid paying taxes you are setting yourself up for a clash with big brother.  The IRS has some major abilities to collect on the tax debt of others.  One such way of collecting upon that debt is through tax liens.

Tax liens can be severe and devastating to an individual, and you should be cautioned to not put yourself in such a situation. If you do, you will undoubtedly be in the need of a tax debt attorney to assist you and possibly help you avoid the loss of your property.

What is a Tax Lien?

A tax lien is a lien imposed by the IRS and law upon properties of the debtor in an attempt to collect upon tax debt.  In other words, the IRS can take ownership of your properties as payment for your debt.  When a lien is placed you are left with a few options.  One option is to get into contact with a tax professional (i.e. a tax debt attorney).  In doing so, they may be able to work with the IRS to come to some sort of settlement that allows to you keep at least a portion of your positions under lien.  If you choose to not act upon the lien then you will lose those properties to your debt.  This consequence is one that most everyone wants to avoid if at all possible.

Your first step in avoiding a tax lien against your property is to attempt communication with the IRS.  Contact them about your options for repayment and work with them to set up a plan for repayment.  This will show them that you are making an attempt and they appreciate that fact.

 
 
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