Liens in Chandler can have a drastic effect on your personal life and finances. Federal tax liens can be carried out by the government after a failure to pay a tax debt. A lien allows the government to legally claim your property, financial assets, and real estate. The best time to act is when you first receive a notice and demand for payment, and LBS Tax can help you to avoid an IRS lien or remove a lien that has already been filed. We can also assist with IRS tax audits, bankruptcy, and tax preparation.
What is an IRS Lien?
A lien is filed by the IRS only after your tax debt is entered and your bill is sent. It is your responsibility to ensure any documentation goes to the right address, and failure to receive notice will not be excused by the IRS. If you refuse to or neglect to pay off your debt allotted by the IRS, they will file a Notice of Federal Tax Lien. This lets creditors know that the government now has a legal claim to your property. If you sell any property while a lien in Chandler is in effect, the proceeds will go to the government to pay off your debt.
What do Liens Affect?
- Business – Liens in Chandler attach to any business property as well as your rights to business property, this includes any account receivable.
- Credit – Liens negatively impact your credit. They will not show up immediately, but will appear in time.
- Assets – Liens in Chandler attach to your assets, this includes vehicles, securities, properties, and any assets acquired while the lien is in effect.
- Bankruptcy – Filing for bankruptcy may not rid you of a lien, the Notice of Federal Tax Lien, or rid you of any tax related debt.
How to Remove a Lien
There are two times to deal with a lien in Chandler, before it takes effect and after it takes effect. Whether you have just received a notification, or established liens are already in effect, our company president is an Enrolled Agent and is licensed to represent you before the IRS. The easiest way to avoid liens in Chandler is to pay off a tax debt in full, but for many this is not an option due to financial constraints. The government is much more likely to work with you on an offer in compromise or structured payment plan before a lien goes into effect. We can help you determine the best options for your situation, working with the IRS to help you avoid a lien.
If liens in Chandler have already been placed against your assets, it isn’t too late. We can help you navigate the recently instituted IRS Fresh Start Program. This program raised the amount of money owed before a lien is typically filed. When certain payment requirements are met, the IRS may be willing to withdraw a filed Notice of Federal Tax Lien. We can help enroll you in this program and meet required financial deadlines.
The IRS is often willing to work with taxpayers on installment agreements. When specific milestones are met the IRS may withdraw a filed Notice of Federal Tax Lien. Our accountants will look at your current financial state to determine if this is a feasible option, presenting your case before the IRS. We can also petition the IRS to accept an offer in compromise. This may lower your total debt owed. The IRS looks at specific factors to determine eligibility, and we’ll present your case favorably and accurately to the IRS.
There are also a number of ways to reduce the impact of an existing lien. We may be able to discharge a lien from a specific property, allow creditors to move above the government in your payment queue or have the lien withdrawn if a number of factors are met. Whether liens in Chandler are currently pending or are already in effect, you are not alone and we can help. Call (480) 664-1249 or Contact Us today and let us help you regain control of your assets.