Understanding Federal Tax Liens
Federal Tax Liens represent a claim made by the government on your assets owing to unpaid tax debts. Once the IRS assesses your liability, sends a bill stating the amount due and you neglect or refuse to pay, a lien is automatically generated.
Your Rights against Federal Tax Liens
As daunting as a federal tax lien may be, you are not without rights. Here are a few essential perspectives:
- Right to Receive Notification: The IRS is obligated to notify you within five days of filing a lien. You can utilize this time to resolve the matter before it affects your credit score.
- Right to Appeal: If you disagree with the tax lien, you can file an appeal. Consult a tax attorney to present your case effectively.
- Right to Pay in Full: Paying off your tax debt in full is the fastest way to rid yourself of a federal tax lien. Upon full payment, the IRS releases your lien within 30 days.
- Right to Apply for a Discharge, Subordination or Withdrawal: In specific scenarios, the IRS might agree to discharge a lien on a particular property, subordinate their claim to other creditors, or withdraw the lien altogether.
For more detailed information on your rights, you can visit IRS Federal Tax Liens.
Navigating Federal Tax Liens with a Professional
Efficiently navigating federal tax liens can be a troublesome task without adequate knowledge and guidance. Teaming up with an expert, like Texas-based IRSProb, can help simplify the process and safeguard your rights.
Conclusion
Understanding Federal Tax Liens and your rights plays a significant role in making informed decisions and avoiding unnecessary predicaments. And while it may be daunting, remember that professional help such as IRSProb is just a call away and ready to assist you in all your tax-related concerns.