Income Tax Preparation - Accountants - Bookkeepers - QuickBooks Help

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.

The first step is for the IRS to send you a letter with an assessment of your tax liability. This letter will typically state the unpaid amount as well as late payment penalty and interest. If the assessment letter is ignored, the IRS will follow up with more letters, and then a final letter. These letters will get more and more aggressive as the numbers get higher. The final letter mentions the IRS intent to levy. After these letters are sent to the taxpayer and there is no response or the tax amount is not paid, the IRS determines that they are not able to collect the tax the conventional way, so they will then file a Notice of Federal Tax Lienand potentially move forward with a levy. Once you receive this tax lien, the lien has already been attached to your property.

A properly submitted offer in compromise does not affect a tax lien, which remains effective until the offer is accepted and the offered amount is fully paid. Once the compromised amount is paid, the taxpayer should request removal of the lien.

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