Denver Tax Services | Don't Procrastinate With Tax Liens



Posted: Monday, September 21, 2009

by Todd Whalen
Advanced Tax Solutions CPA, PC

Receiving a tax lien can make life more difficult than it already is. As a way of collecting back taxes, the IRS can impose a tax lien against an individual.This lien will give the IRS legal claim to any owned property as security or payment for a tax debt.

Receiving a lien is the result of ignoring or not following an contract with the IRS.

You'll first receive a letter showing, what is owed along with interest and late payment fees. Whether you received the first letter or not, if you don't respond you'll get a few more, each one a little more ominous than the last. Intent to levy will be the final letter you receive.Once all these letters are sent, and no response or tax debt owed is not paid, the IRS will file a Notice of Federal Tax Lien. This lien will already be associated to your property. This will avert any borrowing or selling of anything of value. As stated above, a tax lien gives the IRS permissible claim over property of which the lien was placed, and takes away any rights you may have had to it.

Tax liens can make getting credit for a house, car or anything else virtually impossible. Creditors will be notified of the lien and you won't be able to sell any assets as well. Tax lien limitation is usually 10 years or until the owed debt is resolved.

Ignoring all notices will have a levy being placed. A levy will permit the IRS to sell assets you own, and put you in even greater hardship.

Ignore the tax lien, a levy will be placed. A tax levy being placed, results in the loss of assets.Loss of assets results in the loss of peace of mind, and to some, peace of mind is just as valuable as money. It is best to seek professional tax help whenever the lien is first put in place. There is a time and season for everything except procrastination when dealing with a tax lien .

Advanced Tax Solutions helps those in Denver,Co, and surrounding areas with tax liens and other tax problems. They have the experience, credentials and reputation for giving clients satisfactions and peace of mind. For help with your tax lien problems give Advanced Tax Solutions a try.
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