IRS audit problems and liens
You might find yourself having trouble paying your monthly bills. Hence, the next thing you will receive is a tax lien issued by the IRS. The IRS audit problems are what we expert on. So, what are tax liens? It is a lien the IRS attache to the personal or real property to ensure the payment of taxes. Also, the IRS may use tax liens when taxpayers owing taxes. Their asset remains on lien as a means of encouraging the taxpayers to pay their back taxes.
The real property is where the most common form of tax liens are placed upon. There is a difference between the placement of tax lien to the real and personal property attached to your home. For example, when you sell your home, the delinquent unfiled tax returns remain to the house after selling and the new owner will be the one who is responsible for paying the overdue taxes.
How can tax liens affect people?
Some people may have problems as they have tax liens on their properties to the credit bureaus. Regularly, the credit reporting agencies check for the lien on a person’s property which becomes a big matter to the public. As you received filing for such liens, it may cause you various financial and any other related difficulties.
- People can have a lower credit score against the liens filed.
- Difficulty in getting future credit due to the record that is active for about seven years.
- Having trouble finding a job, because employers will less likely hire individuals with financial history issues.
- It greatly affects individuals who are borrowing from other institutions. Meaning to say, lending organizations or banks will gather information about the taxpayers’ financial background and it has something to do with the lien filed resulting in the creation of problems for them to get a business or personal loan.
- People will have a limitation to acquire other properties or property sales.
How does a tax lien start?
The IRS will have the legal claim of your personal or real property as they file tax liens. As the tax liens go unpaid, the holder may demand your immediate payment or the right to possess your property according to the local liens law. Then, the lien will extend to whatever you have or own including your house, furniture, car, appliances, financial accounts, and any other properties.
What can you do about a tax lien?
Contact Green Tree Tax as soon as possible if you need help in Houston tax preparation. tax liens can cause you daily disruption and may result in too many financial difficulties. Hence, you need to be more familiar with your lien situation and grab the possible solutions to avoid complications in the future. If you’re ready to know more about what tax liens are, feel free to talk to us.
Furthermore, we will help you handle and solve your problems for we got the best solution for you. We are experts in handling tax problems as well as the liens. We will work together to solve your tax liens with our quick tax return services. Also, we promise that we will give you the hope to free yourself from tax problems.