Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your accounts receivables. At this point everything you own is just one short step away from becoming the property of the United States Government.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks don't want the extra work when the IRS comes in to take your money.
With a Federal Tax lien on your record you can't get a reasonable loan to purchase a car. Think about paying 18-22% interest on a car that is already too expensive. You definitely cannot buy or sell any Real Estate. The list is endless.
ACTUAL AGREEMENTS
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Department of Treasure Internal Revenue Service
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Release of Levy
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(David & Nancy) |
<-----I can do this for you too!
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Under the provisions of Internal Revenue Code section 6343, all wages, salary and other income now owed to or becoming payable to the taxpayer(s) names above are released from the levy. |
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Installment Agreement
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(Ian) |
<----------------Well within his budget!
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We've accepted your offer for an Installment Agreement. The agreement covers the tax period(s) shown above. Please make your first payment of $50.00. |
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Offer in Compromise
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(James) |
<---------Put your name right here!
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We have accepted your offer in compromise signed and dated by you on (DATE). The date of acceptance is the date of this letter. |
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Decreased Lien
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(Robert) |
<--------Saved him over $200,000!
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...updated the amount of the Notice of Federal Tax Lien, from $215,881.92 to the decreased amount...of $11,491.93. |
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Pay When Able
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(Martin) |
<------------If you're retired on SS,
you probably won't ever pay!
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We have noted your account that you're currently unable to pay your total balance or to make installment payments. You may make payments as you are able. |
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Innocent Spouse
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(Martin) |
<---------------Innocent spouse, over
$25,000 taxes forgiven!
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You are also entitled to equitable relief of liability under Section 6015(f) of the Internal Revenue Code of the tax that was not paid with the filed tax return(s). |
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Reach out for your help with IRS problem here.
