Have You Received Notice of an IRS Lien or Levy?
Receiving a notice of a federal tax lien can be an intimidating and confusing process. Can the IRS take your property?
Stop IRS bank levies, wage garnishments, and asset seizures
Prevent or release federal tax liens filed against your property
Negotiate collection alternatives like installment agreements
Resolve tax liabilities to halt automated collection actions
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Have You Received Notice of an IRS Lien or Levy?
Receiving a notice of a federal tax lien can be an intimidating and confusing process. Can the IRS take your property? Does the IRS have the ability to take your property? What are your repayment options? The Frost Law Tax Team aspires to dive deep and clear these murky waters.
What is an IRS Lien?
The IRS issues a lien in order to recoup owed debt after an individual withholds their tax debt. The IRS will take a financial interest in all assets owned by the individual including real estate, personal property, or any financial equity.
A lien can have a negative impact on one's credit, and may even transfer to future assets acquired during the lien.
What is the Difference Between a Lien and a Levy?
A lien and a levy appear similar at first glance but differ in a few substantial ways. A lien is solely solidifying the IRS' interest in an individual's property when there is an unpaid debt. A levy is the physical seizure of said property, whether it’s garnishing wages, taking funds directly from a bank account, or selling an individual’s vehicles and other property.
Call today at (443) 545-3023 to arrange a confidential consultation with an experienced tax attorney. Or, if you prefer, complete our brief online form.
How to Get Rid of a Lien
A surefire way of having a lien removed is to pay all owed debts in full. This will have your lien be released 30 days after payment.
Another option of eliminating a lien is the discharge of property, which involves the IRS removing the lien from the property in question so it may be transferred to a new owner of the property, without the lien attached.
Subordination is another partial solution. With a lien on one's record, it takes priority over other loans, making it difficult to receive a second mortgage loan. A subordination allows a new creditor such as a mortgage lender to take priority over the IRS.
A withdrawal is when the Notice of Federal Tax Lien is removed from one's record and credit score, and the IRS notifies creditors that they are abandoning the lien priority. A withdrawal can be achieved through several different means. One of these methods includes filing the Withdrawal of Filed Notice of Federal Tax Lien, also known as Form 10916(c). Another option involves you to enter or convert to a Direct Debit installment agreement, meaning you are a qualifying taxpayer who owes less than $25,000 and has made three consecutive direct payments whole on defaulting on any current or previous Direct Debit Installment agreements.
If you have received a lien, a qualified tax attorney, such as the ones at Frost Law, can become a crucial ally in remedying this problem.
Call today at (443) 545-3023 to arrange a confidential consultation with an experienced tax attorney. Or, if you prefer, complete our brief online form.
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