Get Federal Tax Lien Removal Help Now!
Worried about your federal tax lien? You’re not out of options yet! A tax lien can be withdrawn, released, discharged, or subordinated. And depending on your circumstances, you can even seek legal help to appeal and fight the decision to apply a tax lien on your account, especially if you’ve been diligent about paying off your tax debt recently.
Don’t give up! With our team of tax specialists, you can receive expert tax assistance today. Call us now for your free tax relief consultation – at no obligation.
You Need Someone On Your Side
An IRS tax lien is no joke. The IRS will issue a tax lien on taxpayer accounts that owe a considerable amount or have failed to respond to multiple notices. IRS tax liens are one of the first and most effective tools the IRS employs to try and force payment – and yet they are also often one of the most misunderstood.
When the IRS issues a lien, it does not claim any of your belongings or assets directly. Instead, a tax lien is a public notice of debt, and a notice of legal claim – essentially allowing the IRS to declare that it has “first dibs” on everything you own, and precluding you from liquidating your assets, seeking out financing, or securing a loan without first managing your debt with the government.
Because the IRS utilizes the full backing of the US government, they supersede all creditors when they issue a federal tax lien. This means existing creditors must play second fiddle, which can be difficult to manage when you’re in the middle of paying off a mortgage or a car loan.
Until very recently, tax liens would completely tank your credit score, nearly to the equivalent of declaring bankruptcy. For many taxpayers, this was a financial catastrophe.
A severe drop in credit can tarnish your record for years and make it harder to qualify for anything from an equipment loan to an upfront cash financing plan, even with collateral. However, Experian and other major credit reporting agencies officially stopped taking ongoing tax liens into consideration in 2017, due to controversial errors on their part. Nevertheless, a tax lien can still make life harder for you – especially if you are self-employed or run your own company.
Don’t worry – professional tax representation can help you lift a lien, or even seek subordination so you can focus on your crucial debts first. IRS tax lien issues and enforcement measures are all based on federal law. That’s why it is so important to have the most experienced and knowledgeable tax relief attorneys on your side.
We Know Exactly How to Make the Law Work for You!
What Is a Tax Lien?
Tax liens, filed through county clerks in the county where you live or where you do business, are public records stating that you have an outstanding federal or state tax debt, and that the state tax authority, the federal government, or any other creditor issuing a lien against you supersedes other potential creditors, meaning you debts to them must be prioritized.
Liens can be a real problem for several reasons:
- Liens can make it very hard for you to secure credit and borrow against your property
- Tax liens may also make it difficult for you to be approved for an auto loan
- They can also make it hard for you to sell your property or refinance as long as the lien appears on your public record
- Tax liens used to be able to damage your credit report. While they no longer do so after all three major credit reporting agencies stopped using them as a credit score factor, they still become a black blemish on your financial history and can impact any form of potential financing for the near future
Tax Lien Removal and Release
There are only a few ways to manage a federal tax lien. The first and simplest is to pay your debts. While this is straightforward on paper, it can get a little complicated if you are not financially able to cover your tax debt. The IRS will continue to levy a tax lien on your account even if you are completely insolvent, to ensure that any money you do make will be prioritized towards paying off your debt.
However, being amicable towards the IRS can go a long way, provided you go through the right channels. Working with tax professionals can help you set up a payment plan that might allow you to receive an early lien release – meaning, the IRS will stop and withdraw a lien from your account, provided your tax debt is not substantial, and you have been making regular payments for at least three months.
If an early release is not in the cards, you can still get a tax lien removed from select properties or assets or seek to allow a single creditor to supersede the IRS, so you can safely seek financing for your debts, or avoid foreclosure on your property.
Getting a lien removed from a single item is called a lien discharge. Allowing a single creditor to step ahead of the IRS is called a lien subordination. Both require you to make a formal request through the IRS and be considered eligible in the eyes of the agency.
The IRS will generally reject a request for a lien discharge or a lien subordination that does not seem conducive to helping them recoup your outstanding tax debt. In other words, when making a request to the IRS to seek subordination for a different loan or discharge an item from an ongoing federal tax lien, the IRS will want an explanation as to how allowing this might help you pay them back faster.
If you’re planning to take out a loan to buy a brand-new car, the IRS probably won’t let you. But if you need a company car to continue earning money to pay back your tax debt after your previous vehicle broke down, it’s an entirely different set of circumstances.
An experienced tax professional can help you make your case and save your investments. Get in touch with Rush Tax today to learn more about how we can help you get rid of your tax lien.
Tax Lien vs. Tax Levy
Tax liens are often confused with tax levies – but the two are very different from each other. Certainly, tax terms and law can be very intimidating and confusing. For instance, a federal tax lien is very different from tax levy in that a lien encumbers property to secure the payment of a tax whereas a levy is the actual act of seizing property.
When the IRS garnishes your wages, it is a tax levy. When the IRS restricts your ability to seek a car loan, it is a tax lien. While both are tools the IRS has at its disposal for coercing payments – so-called collection actions – levies are usually considered the worse of the two, and the IRS will resort to tax liens first. On that note, if you receive a federal tax lien from the IRS, it’s often the case that a levy is not too far behind. Acting quickly and decisively with the help of a tax professional is key to keeping your assets safe and keeping the IRS from dissolving your financial freedom.
At Rush Tax Resolution, we know how to vigorously fight for our clients to stop the IRS or State from filing a tax lien in the first place. If one has already been filed, we know how to negotiate the proper resolution to have the lien taken off. It is imperative that you know all your legal rights and get the help you need before you are adversely affected. This is why many employ tax lien removal and relief from our expert attorneys and enrolled agents.
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