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, among other things, 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 can prevent you from opening a checking account or borrowing against any assets, like your home.
With a Federal Tax lien on your record you may not get a reasonable loan to purchase anything. Think about paying 18-22% interest on a car that is already too expensive. The list of ways your financial situation is shut down by a lien is endless.
At JT Dillman Services Inc, we've been serving our clients' tax and accounting needs since 1999. If you need help managing any aspect of your home or business's finances, we want to hear from you.
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