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IRS Tax Lien Help—NYC, New York

IRS Tax Lien Help: Understanding Tax Liens

A federal lien from the IRS is a legal claim on your property and assets which can affect your credit long-term. If you find yourself being served with a tax lien from the IRS, be sure to seek expert IRS tax lien help from the best tax resolution agents in New York at True Resolve Tax.

What is an IRS Tax Lien?

You can acquire an IRS tax lien when you owe back taxes that have gone unpaid and this is the IRS’ way of ensuring that you pay back your debt in a timely fashion. The IRS considers this protection of debt option when they impose or file a Federal Tax Lien against your property and assets. This legal claim against your New York area property is filed via a public document known as a Notice of Federal Tax Lien.

While many people think liens as like a levy, they are distinctly different. An IRS levy is a different and more extreme legal step they will make which seizes or takes your property and assets to repay your debt. Instead of a direct force action like a levy, a lien uses your property, including real estate, personal property and financial assets as collateral. A federal lien is information that is available to the public and it includes the full amount that you owe the IRS. In most lien situations, a lien happens when you receive a Demand for Payment and then fail to pay your debt – usually within a 10 day window after the IRS issues the Demand for Payment. You will not receive any notification of a lien until after it has been filed by the IRS.

A lien will be filed in the New York county that you reside in and any other counties where you own property. If you refuse or neglect to pay your tax debt, a tax lien can follow you which can damage your credit and make it nearly impossible for you to make any financial moves in the future. A lien is also used to alert finance companies and creditors that the IRS has the legal right to your property, up to the amount you owe in back taxes.

Need IRS Tax Lien Help?

Dealing with a Federal IRS lien can be a scary and sometimes intimidating process. Let us help you through the process and speak with the IRS on your behalf. Seek out additional IRS tax lien help from an IRS enrolled agent in New York at True Resolve Tax so you can settle your debt and move forward with your life. Give us a call today to set up a consultation.

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Liens on Personal Property and Assets

Most people think a lien is just filed against your real estate property, but that is not, in fact, the case. A lien applies to real estate, personal property, and your financial assets—those you own at the time the lien is filed and any property obtained during the lien period.

If you currently own your home and are trying to sell it, your Federal Tax Lien will alert the title company that there are funds that are required to be paid to the IRS before you receive any funds at closing. If you are selling your home with plans to purchase another and you owe the IRS back taxes equal to or exceeding the equity you would receive, then you will not have the funds to buy a new home. If you are selling your home and the proceeds will not fully pay your debt, the IRS will still collect their money first based on the lien.

How Liens Affect Your Credit

IRS liens can hinder your ability to obtain credit in the future as it not only shows up on your credit report but actually affects your credit score as well—sometimes by as much as 100 points. In some cases, the Federal Tax Lien will even survive the filing of bankruptcy and show on your credit report for years after the bankruptcy has been discharged.

Releasing a Lien

The best way to remove a lien from your New York-area property and assets is to pay your debt in full. If that’s not an option, you can satisfy your lien through a monthly payment plan or Offer in Compromise or by establishing a hardship to show you are unable to pay your debt. In addition, liens will usually expire after a period of 10 years, which is the statute of limitations for collecting a tax debt.

After you have paid your taxes in full or satisfied your lien in another way, the lien can remain on your credit reports for up to seven years—affecting your credit despite the resolution. You can request a letter from the IRS that shows you have paid the lien in full, which you can then send to credit agencies to show the lien has been released.

True Resolve is Ready to Help

It’s never wise to avoid a tax issue and you don’t always need a tax attorney to help you resolve them. Contact the qualified tax advisors at True Resolve for IRS tax lien help. Our New York-based IRS Enrolled Agents have the expertise and experience to work with the IRS on your behalf.

Call today to speak with one of our Licensed Tax Experts 716-634-6200