An IRS tax lien is a legal claim or “hold” on either your real estate or personal property that is used against any unpaid back taxes that you owe to the IRS. It can prevent owners from selling their property, and can even be used to foreclose on any property on which there are unpaid taxes. In the latter instant, the property then becomes property of the government to do with as they please.
To learn more about how unpaid taxes can affect you, click the link to watch the video below.
An IRS tax lien can affect you in many ways, all of which come with hefty consequences, such as:
• A lien can be attached to your future assets
• A lien will affect your credit score, limiting or eliminating your chances at future credit
• If you file for bankruptcy, your tax debt and IRS lien may continue to follow you even afterwards
The best way to resolve an IRS tax lien is to pay your taxes on time. However, if you are unable to pay your taxes in full by the time they are due, it is critical that you do not ignore the IRS, but try to work something out with them. An experienced tax attorney can not only help you set up a payment plan, but they can help you negotiate with the IRS, and choose the best route for you to take to clearing your debt.
If you owe back taxes or you have an IRS tax lien on your property, contact an experienced tax attorney today.
Ebbinghouse Law Group, LLC
320 N. Meridian Street
Suite 908
Indianapolis, IN 46204
317-635-4010