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IRS Lines
Federal Tax Claims can really make your life miserable! IRS sets up a lien against all of your assets (especially real estate) when your taxes are not paid. This provides the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien may be against you, your spouse, or your company and would seize your accounts receivables if it is filed against your company. Everything you possess is just one short step away, at this point, from becoming the property of the United States Government.
Liens filed also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks do not want the extra work when the IRS comes in to take your money.
You may not get a reasonable loan to purchase a car, with a Federal Tax lien on your record. Assume paying 18-22% interest on a car that is already too expensive. You certainly cannot buy or sell any real estate and the list is endless.
To learn more about how to resolve your tax lien problems, contact us today!
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