Fight Back Against a Tax Lien
Greenberg Law Group, P.A.
Tax Attorneys, Tax Attorney, Tax Lawyer
One of the most frightening things anyone can experience is losing their home. Unfortunately, it’s reality for many people in Fort Lauderdale who are unable to pay off their tax debts. When someone fails to resolve their IRS debt, the federal government can seize their property to pay it off. This process is known as a tax lien. But tax liens can go beyond your property. The IRS can also place a lien on your cars, investments, retirement accounts and other valuable assets. While this may seem like a powerless position, a taxpayer can fight back and resolve their issues with the help of an experienced and knowledgeable tax law attorney.
One of the few positives about a federal tax lien is that it will not come as an ambush. The IRS will notify the debtor before the lien is issued. This should give debtor a reasonable amount of time to make arrangements with the IRS to pay off their back taxes. The quicker the issue is resolved, the better your chances of moving on without greater financial difficulties. Failure to resolve the issue right away can result in damaging your credit rating, which can further limit your ability to purchase a home, car or even sign a lease.
If you receive a notification for a tax lien, it’s important to hire a reputable tax attorney right away. One of the benefits of a tax lawyer is having someone who is well-versed with how the IRS operates. They can also skillfully negotiate on your behalf. Begin the process by making payment arrangements with the IRS. The IRS will likely request a large payment on the lien. An IRS agent will arrange for the installment of payment options. In most cases, the debtor will have to take out a bond to sign a guarantee of payment. But even if you pay back the entire amount, you will also owe for interest fees and other additions made by the federal government.
The best option is to pay the lien in full. For many people, this can be accomplished by liquidating their assets and property. An IRS agent should be able to inform you if your assets will be enough to cover your tax debt, insurance and penalties before a lien is placed into effect. If you’re unable to meet the total cost, the debtor can pay a portion of the total and then take out a bond and pay the remaining amount.
If you’re facing a tax lien, there may be a chance an error was made on the amount of your tax debt. If there are discrepancies, the debtor can challenge the lien. But the IRS is very careful and must notify the debtor at least 5 days before a lien is issued. Disputed liens can be appealed. If the IRS is threatening to place a lien on any of your assets, it’s time to get proper representation from a tax attorney. The Greenberg Law Group P.A., has successfully represented countless clients throughout the Fort Lauderdale area with disputes involved with the IRS. Don’t try to fight the IRS by yourself. Get advice from a knowledgeable tax lawyer.
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