IRS Liens & Levies
Get Help With IRS Liens and Levies
If you owe money to the IRS, there is a chance they will establish a tax lien or levy, or maybe they already have. The IRS does this to collect back taxes, and the results can be detrimental to your livelihood.
When your taxes are left unpaid, the IRS can establish Federal Tax Liens against all of your assets and really make your life difficult! They especially like to put liens on real estate and other valuable property. When this happens, the IRS has a legal right to collect taxes from the sale of any and all of your assets, including your house, vehicles, jewelry, retirement funds, insurance policies, or anything else of value. This lien can be against your company, you, or your spouse. In the event that the IRS places a lien on your business, they can seize the assets associated with your accounts receivable, meaning it is all just moments away from becoming the property of the US Government.
IRS Levies can be used in a similar way to a lien. The IRS often uses a tax levy to get your attention immediately. They can seize whatever assets you may have, including bank accounts, stocks, vehicles, boats, paychecks, bonds, and even Social Security Checks. You could wake up one day and find that your bank account is cleared out, and if that amount doesn’t cover all of what is owed, they will continue to take money until your tax liability is paid in full.
How Do You Prevent a Tax Lien or Tax Levy?
If the thought of having a tax lien or levy placed on you sounds terrifying, you’re probably wondering how to prevent it from happening in the first place. To avoid a levy, it is recommended to attempt to reach an agreement with the IRS to pay off your balance. A common solution is to request an extension on the time needed to pay the balance in full. Generally, you can get up to 120 days to pay the balance and avoid a levy. Avoiding a lien can become a bit more complicated. Even if you have made an agreement to pay the IRS, they can still file a tax lien against you. You may file an extension, but more action may be required. That’s where 4Corner can help.
Professional Assistance For A Tax Lien or Levy
The tax professionals at 4Corner know how the IRS operates and understand the best course of action to prevent a lien or levy from being initiated. We can help you avoid enforced collection action and negotiate with the IRS on your behalf.