Hi, this is Tom Scott, CPA. Today, we are talking about understanding federal tax liens and how to get them released. Welcome back! Before we begin, I want to draw attention to the two buttons on my blog: "Secure for a free tax relief consultation" or "Click here to view my free tax which North's library." Now, let's get back to our topic of the day - understanding federal tax liens. A federal tax lien is the government's legal claim against your property when you neglect to pay taxes. The lien protects the government's interest in all your property, including real estate, personal property, and financial assets. The federal tax lien exists after the IRS does the following: first, they put a balance due on their books and assess your liability. Next, they send you a bill that explains how much you owe, called a Notice of Demand for Payment. If you neglect or refuse to pay the debt in time, the IRS files a public document called a Notice of Federal Tax Lien to alert creditors that the government has a legal right to your property. Here's how a federal tax lien affects you: 1. Assets: The lien attaches to all your assets, including real estate, securities (such as stocks), vehicles, etc. This also includes future assets acquired during the life of the lien. 2. Credit: When the IRS files a Notice of Federal Tax Lien with your county recorder, it will limit your ability to get credit. It can make refinancing a home nearly impossible. 3. Business: The lien attaches to all your business property, including any and all of your accounts receivable. 4. Bankruptcy: If you file for bankruptcy, your tax debt lien and Notice of Federal Tax Lien may continue after the bankruptcy. Now, let's talk about how to get rid of a lien: 1. Pay...
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