What Are Tax Liens and Levies?

What are tax liens and levies? I’m going into detail about both today.
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Welcome back to another edition of our series exploring various tax problems you can run into. Today, we’re talking about tax liens and levies.

When the IRS issues a lien, it’s a lien on all of your property. It doesn’t matter if it was recorded in your county or not. This results in your inability to sell your home, car, or anything else without paying the IRS first.

These liens can elevate to a levy on your bank account. Yes, the IRS will take money directly from your bank accounts. They’ll take money from all of them if necessary. These liens also give the IRS the right to dip into your retirement accounts.

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These liens can turn into levies quickly.

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When the IRS files a federal tax lien to the county clerk in your area, it’s a public notice that you owe the IRS and must pay them first before you sell your home or anything else. A bank levy is sent to your bank saying that they must freeze the cash in your accounts up to the amount that you owe the IRS and send it to them. The freeze can last for 21 days, then the bank must send the cash to the IRS.

Bank levies are a result of ignoring multiple notices that you have been sent by the IRS. While it might be too late already, the best chance you have at removing the levy is by reaching out to an experienced tax problem specialist like myself. We can help you negotiate the amount that you owe to the IRS. We’ve had great success in the past negotiating with them. We have years of experience negotiating with the IRS in order to get our clients the lowest bill possible. There are many solutions that we can come up with, but time is of the essence.

Once you get that notice of levy, you only have 21 days to respond before they start taking your money. If you have any questions for me about how I can help you with a problem like this, give me a call or send me an email. I look forward to hearing from you.

Solutions to Your Tax Debt Problems

Do you have tax debt? If so, here are some solutions.
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One of the most common tax problems we see people running into is simply not being able to pay their tax debt. It can be hard to stay calm when you’re worried about how you’ll live when the IRS is after you. Problems like this can deteriorate marriages and decimate bank accounts and paychecks.

It’s a bad situation to be in. However, there are solutions. The first and most popular is the offer and compromise. This is where you negotiate with the IRS to pay less than what is owed. There are specific formulas and processes to accomplish this strategy. It doesn’t get done overnight or on a phone call. The entire process can take anywhere from six months to a year to complete.

You’ve likely seen advertisements on T.V. for places like Taxbuster or the Tax Relief Center. However, most of these heavy advertisers simply take your money and don’t accomplish anything. They may stave off the IRS temporarily, but they are so concerned with sales and getting money that this is where they spend all their resources, not on getting your case done.

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There are solutions to this problem.

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You should hire a local professional who is a CPA or attorney and does this kind of work every day. It should be someone you know by name and someone you can get in contact with regularly.

Dealing with the IRS is intimidating. To get the best deal with them, you should really hire a tax problems specialist such as myself. Someone who knows the ins and outs of the process and has years of experience in the business.

If you have any questions for us or want to learn more about how we can help you with your tax problems, don’t hesitate to reach out and give us a call or send us an email. We would love to hear from you soon.

You Should Know About These Serious Tax Problems

You don’t want to run into trouble with the IRS. Here’s what will happen if you do.
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There are a number of serious tax problems you can fall victim to out there, and each one has different solutions.The IRS takes these seriously and if you simply ignore them, the consequences get increasingly harsh over time. These consequences include:

• The IRS can take up to 80% of your paychecks until the debt is paid.
• Penalties can grow to 25% and beyond on the original tax.
• Interest will add up every day until paid.
• Tax liens filed against you can stop you from buying a house or borrowing money.
• Your bank accounts, retirement plan accounts can get levied by the IRS.
• Civil penalties can be levied if you are an owner or officer of a business that does not pay their payroll taxes.

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If you don’t take action now, your problems will only get worse.

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Once you get a notice of taxes due, they usually have some penalties and interest already calculated, but this is just the beginning. If you don’t take action now, your problems with the IRS will only get worse! In my next few posts, I will discuss each of the common tax problems and how to deal with them so stay tuned. If you know you have tax problems, you should protect yourself by hiring a qualified tax problem specialist. We have experience in strategies in negotiating with the IRS to get you the lowest amount that you have to pay. If you know someone with a tax problem, don’t hesitate to reach out. You can give me a call or send me an email. I look forward to hearing from you soon.