How to Get Rid of Tax Lien

tax lien  colorful word on the wooden background

If you receive an IRS notice of tax lien, it’s a very serious issue and you will need to act quickly to protect your financial assets. The IRS has complete legal rights to take any action necessary to collect the federal tax dues and you may need an expert tax lien attorney to get out of this one.
What is a Tax Lien?
Tax lien is a legal claim by the IRS on your assets and/or properties as collateral to secure payment of your tax dues. The IRS decides how to collect taxes owed depending upon your tax filings situation and then files a notice of tax lien. Handling this situation can be overwhelming and you may need professional tax lien assistance as it can lead to some serious consequences:

  • You might not be able to buy or sell a property, as the lien notice will be put in all public records and local newspapers.
  • Your credit score may be negatively impacted as the IRS will send the information to the credit bureau.
  • You might have difficulties in taking new loans and credit cards.
  • IRS will also inform all your current creditors about the tax lien on your assets and sometimes if it’s a credit taken within 45 days, they will allow the creditor to reclaim the asset before them.
  • In case of bankruptcy you will continue to owe tax to the IRS and have a tax lien on your asset.

Strategies to Get Rid of a Tax lien

A reputable law firm offering IRS tax lien help can assist you in deciding your best option based on your financial situation:

  1. Payment in full: If you have the money and it’s just a mistake, pay the full amount of taxes you owe. The IRS will remove the lien from your asset within 30 days and also erase the tax lien from your credit report.
  2. Discharge of a particular asset: If you have an asset under IRS tax lien and you want to sell it, the IRS can discharge that asset, if you agree to pay your tax dues from the sales proceeds. This request can be easily handled by an IRS tax lien attorney who specializes in your local area.
  3. IRS lien withdrawal: Under certain circumstances, an agreement for installment payment can be reached with the IRS which can be negotiated by a tax attorney. If they find that this will be faster to recover their payment, the tax lien will be removed from your assets.
  4. Subordination on an asset: Say you have an asset like a house under tax lien by IRS and the bank is not approving a refinancing request, in such cases a subordination can be negotiated with the IRS so that the bank may take priority over the IRS lien.

If you seek IRS tax lien help from a local IRS tax attorney they will know your local laws and rights and will be able to handle all the notices and calls sent by the IRS professionally and timely so that the best deal as per your situation can be negotiated. So, in case you receive a IRS tax lien notice in Dallas or a nearby region, don’t panic. Contact an experienced Dallas IRS lawyer offering comprehensive tax lien assistance and other IRS tax help for Dallas and other Texas residents.

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