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Tax Lien

Tax Lien Information and Help

Most Taxpayers are aware of the IRS’s methods of collections. The IRS is the most powerful collection agency in the world. They have the power to seize all the funds from your bank account and even garnish your wages. But the IRS has a third weapon that is just as deadly: the IRS Tax Lien. When a Tax Lien is issues against you, you can kiss your credit and all hopes of a normal life goodbye.

Tax Lien Defined:

 So what exactly is a Tax Lien? Basically, it’s a bad mark placed on your credit by the IRS. It’s a claim against your property for the amount of Taxes owed to them. If your IRS Tax Debt is ignored long enough, a Lien can quickly become a seizure.

What to Expect:

 Goodbye Credit: The most common lien is one that's placed on your credit. Not only does it make it nearly impossible to do anything involving credit (take out a loan, refinance your mortgage, buy a new car, etc.), but it practically destroys your credit in the future. You could easily go from having a 750 credit score to a 500, just from a Tax Lien.

Troubled Assets: The IRS can also place a Tax Lien on any of your assets such as your house or your car. The longer you go without resolving your debt, the closer the IRS gets to turning a Lien into a seizure. When this happens, they seize the property entirely and sell it in order to pay the debt.

A Tax Lien can be removed. But depending on your situation, it can be difficult. With a Tax Lien, there’s no way around it; you have to set up a payment arrangement with the IRS. The best way to do this is to seek professional help to get your entire Tax Debt paid off as soon as possible. Remember, sometimes an IRS Lien can remain in effect until the entire Tax Debt is paid in full.

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Disclaimer: TaxReliefSource is not a government sponsored website, nor does it dispense tax advice. TaxReliefSource matches consumers with companies that offer tax relief services. For additional help in resolving tax problems, consider contacting the Taxpayer Advocate Service, independent organization within the IRS, at http://www.irs.gov/advocate/article/0,,id=97395,00.html.
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