An IRS tax lien can have a serious impact on a businessperson's ability to thrive and make a profit. People who are impacted by this sort of action find it difficult to get a loan, they cannot sell property that they own and they cannot easily access funds in their accounts. All vehicles which are part of a business are also affected by liens against the owner of the property.
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The government can lay a legal claim against buildings or land that you own whenever you do not pay a tax debt. If the IRS assess your liability they will send you a notice indicating that you need to make payment. If you ignore it, you are likely to face this situation. In addition to placing a lien on your property the government will also file a notice against you. This makes your other creditors aware that the IRS has a claim on your assets.
If you own a small business and owe taxes, you may feel overwhelmed by demands for payment. Business people who have had to deal with the implications of an IRS lien usually seek advice from reputable tax professionals. If you are faced with this sort of action, it is important to get help quickly and develop a good strategy for dealing with the problem. Paying off your debt is the best way to deal with a lien. However, this may not always be a good option, especially if you are unable to access enough cash to do that. The IRS may also be willing to do a Discharge of Property and in that case, some of the assets that you own will be exempt from the lien. If you need a loan to fund your business or are interested in getting a mortgage for commercial property, Subordination may be a good alternative. This allows other creditors to take precedence over the IRS. Under certain conditions you may also be eligible for having the government remove the public notice. This is called a Withdrawal and is an option for taxpayers who have entered a Direct Debit agreement for installments. Most small business people do not know all of the alternatives that they have. Do not ignore the notices that are sent to you. Interest will pile up and your debt will grow. Government officers may even show up at your business place at a time that could be embarrassing for you. It is important to protect your business accounts, vehicles and inventory by getting help. Experienced tax professionals at Advance Tax Relief LLC can help you to keep the doors of your business open. They can help you to negotiate with the IRS and develop a payment plan. They can also help you to access other solutions which may be offered to business people in your position. For example, businesses that are facing financial problems may sometimes receive an offer in compromise. Call Advance Tax Relief today and learn more about your options.
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