Taxpayers with tax liabilities that remain unsatisfied
will all, in time, face collection activity by the state or federal taxing
authority. While the exact action taken will be dependent on the amounts owed
and the particular obligation, these agencies have an array of legal tools to
force repayment. For instance, if your tax debt is federal in nature the IRS
may file legal papers to establish a tax lien, a wage or bank levy, offsetting
of your tax refund, or the seizure of all or some of your property and assets.
Left unaddressed, a tax debt can drain one’s savings, investments, and
retirement accounts.
To release your IRS wage garnishment or settle your tax
debt: call us today at 1-800-790-8574.
ADVANCE TAX RELIEF LLC – Serving All 50 States
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One particular difficulty that is common when a lien or
levy has been put in place involves the sale, purchase, or refinancing of real
estate. Typically, before one may sell a property with a lien, the lien must be
addressed and removed to provide the new buyer with clear title to the
property.
Furthermore, if a taxpayer is considering refinancing his or her
already existing mortgage, he or she will run into difficulties due to the
lien. In order to refinance, the owner and taxpayer must request relief from
the IRS through the agency’s consent to subordinating the lien so that the
first mortgage may be satisfied. In some circumstances the IRS may be willing
to grant this request because a reduced mortgage payment can free up resources
to pay the tax debt. However, the agency is not under any obligation to grant
this request.
Aside from the direct effects an unpaid tax debt can have
on your financial accounts, the unpaid tax debt can also make it more difficult
to get approved for a credit card, loan, or any other line of credit. This is
because unpaid tax debts are reflected in one’s credit report. Unpaid tax debts
will negatively impact an individual’s credit score and may result in
additional financial difficulties. Any tax lien will appear in one’s credit
history report for a minimum of 7 years but the information may appear for as
long as ten years.
Furthermore, one the IRS takes action and files a Notice
of a Federal Tax Lien (NFTL), the tax debt becomes a matter of public record.
The taxpayer’s home address, tax amount owed, relevant tax periods, and
additional information all becomes part of the public record. This may be
embarrassing for some people. Others may not wish to have their name or family
name associated with an unpaid debt.
Owe the IRS and need help? Call us to discuss your
unique situation (800)790-8574 or visit www.advancetaxrelief.com
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