Federal Tax Liens
Once the IRS has made a valid determination of your tax liability owed, the IRS will demand payment within 60 days. If you don’t pay the taxes owed within 60 days, a Tax Lien automatically arises. In general, this applies to everything you own including your home, your car, and that antique dresser you got from Grandma. This will go on your credit report and you will find it virtually impossible to obtain a loan, rent an apartment, and it may even affect new employment opportunities.
There are different liens that can be applied for different reasons and it is possible to have more than one.
The good news is we can help. Edgar and Edgar CPAs can work with the IRS on your behalf. There are a number of options available.
Federal Tax Levies
Tax levies differ from a lien in that the IRS can collect immediately on your tax debt by seizing assets, bank accounts, accounts receivable, and garnishing wages. The goal of the IRS is to gain what is owed to them quickly and completely. There is no “playing fair” when it comes to the IRS. They can literally leave you with nothing.
What’s worse is they will continue to garnish your wages and take what you own without regard to you having enough money left over to pay the rest of your bills.
Stop ignoring communication from the IRS. If you continue to do so, an IRS Levy may very well be in your future.
If you have received a lien or levy notice, contact us immediately. For more information, please click to Request a Case Review, fill out your information and submit. A tax professional will review your case and contact you. You may also call our office at (281) 306-0066.