IRS Liens

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.

Credit reports include liens filed by the IRS. Oftentimes, these liens prevent you from opening a checking account or borrowing against any assets, like your home.  A Federal Tax lien is a red flag to lenders that you are a high credit risk. The result?  Higher borrowing rates. Consider paying 18-22% interest on a car that is already too expensive. Consider the possibilitiy of being unable to purchase real estate or obtain a second mortgage on your home. These are but a few of the ramifications.

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Tax Due Dates