We know that Federal or State 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 likely involve the seizure of 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 will likely not be able to buy or sell any Real Estate. The list is endless.
A levy is the IRS's way of getting your immediate attention when you have ignored their prior attempts to collect unpaid taxes. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, autos, stocks, bonds, boats, paychecks, and even Social Security checks! Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until the taxes have been paid in full. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed.
Additionally, another method to collect unpaid taxes that the IRS has at its disposal is a wage garnishment. That's when the IRS attaches to your wages and don't leave you enough to pay the bills. Most of your check goes to the IRS each and every week until the debt is paid. Furthermore, your employer is made aware of your IRS problems that can lead to an embarrassing and unpleasant situation at your place of employment.
We are regularly retained to negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fears of future wage garnishments.
If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
We are often able to get liens, levies, and wage garnishments released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew.
Please contact us for a free consultation if you have received or are about to receive a federal or state levy, lien, or wage garnishment, as immediate action is imperative.