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Tax Liens

stressed person looking at bills

With the increase of the Internal Revenue Service (IRS) and other Tax Authorities sending out notices to people with tax irregularities, many have embarked on the journey of knowing more about tax liens and other tax terms and concepts.

This knowledge search is due to the complex nature of the taxation industry and how these tax concepts can affect someone’s business, employment, asset ownership, and reputation.

If tax liens are that important, what then is tax lien?

HOW DOES A TAX LIEN WORK?

It’s typical for business people and income earners to fall into the situations of having a tax lien filed against them. This is because of the high tax rates and the inability to pay the tax bill.

When you are unable or unwilling to pay the tax debt, the IRS follows a stepwise process in filing a tax lien against the debtor. The steps involved in issuing a tax lien include

  1. Notice and Demand for payment by the IRS

  2. Exploration of Payment Arrangements by you

  3. Notice of Tax Lien by IRS

HOW DOES TAX LIEN AFFECT YOU AND YOUR NEW YORK BUSINESS?

Before now, an unpaid tax lien appears in the payer’s personal credit report for up to 10 years even after the debt has been paid. Good news is that this is not the case anymore; however, tax liens still hurt your reputation and business. Liens are part of public record and can have an impact on your ability to obtain business financing.

HOW CAN YOU MINIMIZE THE EFFECT OF TAX LIENS

  • By Installment Agreement

  • By Delay Collection and

  • By Offer in Compromise

HOW TO GET YOUR TAX LIEN REMOVED

This can be achieved in four ways.

HOW CAN YOU MINIMIZE THE EFFECT OF TAX LIENS

  1. By full removal

  2. By subordination

  3. By withdrawal and

  4. By discharge

WHAT’S THE BEST WAY TO HANDLE YOUR TAX LIEN?

The best way to handle a tax lien is by remaining in constant communication with the IRS. When you stay responsive, and in contact, the government will work with you to pay back the debt. In some cases, the issue might require the services of a tax attorney or a Certified Public Accountant (CPA) to assist you.

For the best results, we advise you work with an experienced tax consultant, Certified Public Accountant or any other tax experts such as Enrolled Agent (EA) and Tax Attorney that’ll help you understand the available options and how you can overcome the ugly situation.

At Tax Relief R Us, based in Rosedale, NY, our expert tax negotiators and mediators will negotiate with the IRS on your behalf and will help you stop the IRS enforcement methods including IRS Tax Levies and Tax Liens, Wage garnishment, bank levies, and so on. We are skilled and experienced in navigating the tax resolution process and work in lockstep with the IRS to achieve a great tax settlement that’ll bring a smile to your face again.

We serve Jackson Heights, and the surrounding New York area. Call us at (844) 829-2292 or contact us.