When you fail to pay your tax debt, the government may impose a federal tax lien. This lien protects the government’s interest in all of your property while the debt is owed. The types of property subject to the lien include real estate, personal property, and financial assets. Unfortunately, this lien can affect many areas of your life. It is important to consult with an experienced tax attorney right away to explore your options for having the lien removed.
Here are just some of the various areas of your life that may be impacted by an IRS tax lien:
- A tax lien attaches to all of your current and future assets that are acquired during the term of the lien. Examples of these assets include real property, securities, and vehicles. If you want to sell your home, for example, the lien must first be satisfied.
- If a tax lien is in effect, it may be very difficult for you to obtain credit. Credit is very important in today’s society. Poor credit can make it difficult to obtain loans, including car loans, student loans, home loans, or credit cards.
- If you own a business, a tax lien attaching to all of your business assets will impact all property of the business. Business assets that are subject to the lien include accounts receivable.
- If you decide to file for bankruptcy, the tax debt, the lien, and the Notice of Federal Tax Lien may continue even after the bankruptcy process is over.
If your home or other asset is currently subject to an IRS tax lien, call us today at 305.707.7126, NOT because we are going to help you with your tax lien, but because we can refer you to one the professionals in our network that deals specifically with these issues.