A tax lien is a form of passive collection action that the IRS can take, like any other creditor; to secure interest in the money they are owed. When a federal tax lien is filed, it attaches itself to your property. While there are several ways to remove the lien, the purpose is to ensure that the IRS has the ability to be repaid in the event that you attempt to sell that property. If you are expecting a profit from selling the property, those profits are first applied to what is owed to the IRS. You are then only entitled to what remains.
A very common problem for our clients exists when they own a home and want to sell that home, or they want to procure a home equity loan. If you have a tax lien on your credit report, it could also prevent you from getting a mortgage if you are attempting to purchase a home.
How Do I Get Help With a Tax Lien?
There are several ways to address a tax lien and the tax professionals at Community Tax Dallas are experienced in working with clients, and the IRS, to fix these types of issues. The best way to remove a tax lien is to fulfill your obligation and fully pay your debt owed to the IRS. Doing so will ensure that your lien is removed within 30 days of fulfilling your obligation. We know that this is not always a practical or realistic solution for our clients. Every client’s situation is different and unique. At Community Tax Dallas our first priority is to work with our clients to figure out why they need a federal tax lien removed and why it needs to be addressed. Once we have an understanding of a client’s specific situation, we determine whether a lien removal based on discharge of property is possible, whether we can apply for a lien subordination or withdrawal, whether our client needs to establish a direct debit installment agreement, or whether a client qualifies for an offer in compromise. These are all ways to address a lien and that is why working with a company like Community Tax Dallas can be extremely beneficial. We’re able to assess your individual and unique situation and we will be able to determine the best course of action in addressing your lien. In many cases, if a client chooses to handle an issue like this independently, the IRS will often only suggest options like an installment agreement, when there are many ways to handle this issue.
In most cases a person’s home is their most valued asset. A federal tax lien places that asset in jeopardy, whether you realize it or not. Here at Community Tax Dallas, our tax professionals will fight to protect that asset in the event that the IRS has filed a tax lien. Get help today, call us now!
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