federal tax lien

Hello and welcome to our next mini-blog series: Rush tax Relief! In this series, we’ll be discussing some of the reasons you may want to consider rush tax relief services over ordinary tax resolution services. Rush tax relief, also known as expedited tax relief, is especially crucial when you have a limited timeline, given by the IRS, to act. In some cases, rush tax relief services can be more expensive, since they demand more immediate attention from the tax resolution specialists. However, because the scenarios recommended for rush tax relief services typically have an upcoming deadline – at which point there will most likely be additional penalties or fees – choosing rush tax relief services in most situations like that would likely ultimately save the taxpayer money.

In this blog post specifically, we’ll start looking into one of the scenarios that may require rush tax relief services in order to avoid letting it grow into a bigger problem: the Federal Tax Lien. Today, we’ll discuss what a federal tax lien is and how to tell if you have one. In our next posts, we’ll talk about How to Avoid a Federal Tax Lien, and Federal Tax Lien Options if you do get one.

What is a Federal Tax Lien?

According to the IRS’s page, Understanding a Federal Tax Lien, as of Dec. 21, 2020, “A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets.”

On our Federal Tax Lien Service Page, we go a little further in depth, saying that a “tax lien affects your financial assets, personal property and your real estate. Tax liens can vary based on your individual situation and are the government’s way of protecting their interest in the case that you fail to pay your tax debt in a timely manner. If you do fail to pay the IRS on time, a tax lien will attach to all of your current or future assets until it is addressed. If you do not address the tax debt in a timely manner the lien may turn into a levy where the IRS has the ability to seize said assets.”

How do you know if you have a Federal Tax Lien?

According to our Federal Tax Lien Service Page, The IRS will send you a Notice of Federal Tax Lien to alert you of the Federal Tax Lien. But first, they will assess the amount owed through a filed tax return and send a tax bill to your last known address.

What do I do if I have a Federal Tax Lien?

That is a great question! And that is what we’ll be discussing in our next two blog posts, How to Avoid a Federal Tax Lien, and Federal Tax Lien Options. If you need help with a Federal Tax Lien immediately, call our team of tax resolution specialists today at (844) 582-3323.

Sources

https://www.irs.gov/businesses/small-businesses-self-employed/understanding-a-federal-tax-lien

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