Friday, December 12, 2008

A Word About Tax Liens

A Word About Tax Liens

A federal tax lien is serious business! Consider the following information taken directly from the IRS website at: (,,id=108339,00.html#Notice)

Notice of Federal Tax Lien
Liens give us a legal claim to your property as security or payment for your tax debt. A Notice of Federal Tax Lien may be filed only after:
We assess the liability;
We send you a Notice and Demand for Payment - a bill that tells you how much you owe in taxes; and
You neglect or refuse to fully pay the debt within 10 days after we notify you about it.
Once these requirements are met, a lien is created for the amount of your tax debt. By filing notice of this lien, your creditors are publicly notified that we have a claim against all your property, including property you acquire after the lien is filed. This notice is used by courts to establish priority in certain situations, such as bankruptcy proceedings or sales of real estate.
The lien attaches to all your property (such as your house or car) and to all your rights to property (such as your accounts receivable, if you are a business).
Caution!Once a lien is filed, your credit rating may be harmed. You may not be able to get a loan to buy a house or a car, get a new credit card, or sign a lease. Therefore it is important that you work to resolve your tax liability as quickly as possible, before lien filing becomes necessary.

If you have received notification from the IRS by way of Certified Mail and the IRS is threatening you with filing a tax lien TAKE ACTION IMMEDIATELY! Call a professional tax resolution firm to help you!

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