IRS Tax Lien- Time For The aid of A Tax Professional

There is no way to avoid a legitimate tax debt owed to the Internal Revenue Service. If the IRS fails to receive timely payments without having a justification, they’re going to simply take the funds away from you. Accounts and other sorts of assets are simply taken, landing you in further financial distress.

It’s an excellent way to secure a delinquent taxpayers attention – and that is essentially the idea, needless to say. A federal tax lien can affect your fixed and personal assets; even your pension, retirement funds and social security benefits. Hence, should you face an IRS tax levy or perhaps a federal tax lien immediate measures need to be taken.

In accordance with IRC 6321, a federal tax lien is automatic in situations where the IRS has strong reasons to believe that this money owed might be repaid but is simply not being repaid. This is a kind of clandestine tax lien that’s permitted by statute. Hence it can be alternatively known as the ‘statutory lien’; but public records ordinarily are not maintained for this type of insidious collection tactic.

Various complications occur the moment the IRS begins seizing a person’s account, garnishing his wages, seizing his property or taking funds from accounts receivable from his company. Checks start bouncing, house payment or rents go to default, automobiles are repossessed, etc. That is certainly obviously a critical situation. Business people all of the sudden discover that previously trusted and reliable vendors and vendors are staying away. All business dealings are stalled.

This can be a particularly alarming situation, undoubtedly, and only an experienced tax expert or lawyer might help deal with this chaos in the event things have gotten this far. And, once again, it is less complicated to prevent these kinds of aggressive collection than to stop it once it’s started.

This entry was posted by Editor on October 19, 2010 at 1:26 pm under General Interest. You can leave a response, or trackback from your own site. Follow any responses to this entry through the RSS 2.0 feed.