IRS Tax Lien

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Discuss your Tax Lien questions with Mr. Renkemeyer, a qualified Tax Attorney.

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Resolving your IRS debt

When you owe overdue taxes, the IRS may place a tax lien on your property. IRS tax liens are the government’s claim against your assets. They will typically prevent you from selling or borrowing against your property, getting a new line of credit, or sometimes finding employment until you pay your tax debt or otherwise remove the IRS tax lien. Tax liens adversely effect your credit score.

The IRS tax lien is filed on your real property and is usually attached to all of your assets, including your home, car, and business. They file a document with your local county government and possibly other local and state governmental agencies, letting the general public know that you have an unpaid IRS tax debt to the federal government.

Tax liens have lasting effects

  • Knock 100 points or more off your credit score.
  • Prevent you from selling your home or other real property.
  • Prevent you from obtaining a loan or refinancing your home loan.
  • Increase your interest rates or insurance premiums.
  • Unpaid tax liens remain on your credit report indefinitely if not withdrawn

We are ready to help anyone

Renkemeyer Law Firm will explore your options for avoiding or removing an IRS tax lien. It is important to have a IRS tax lien “withdrawn” rather than merely “removed” or “released.” A “withdrawn” tax lien is treated as if it were never filed in the first place. This is important because an IRS tax lien that has merely been “removed” or “released” will continue to appear on your credit bureau reports, but simply shown as released.

Your credit score will continue to be affected by the IRS tax lien for a period of time, even though the IRS tax lien is released, although not as dramatically as it is affected while the tax lien is in place. 

There are two systems of taxation in our country. One for the Informed and one for the uninformed.

Justice Learned Hand

Us Court Of Appeals

 

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Faq’s

Read Faq’s To Know More
Q: What is a tax lien?

A: A tax lien is the government’s claim against your assets. It is their tool to ensure that if you sell your assets, the proceeds will be paid to them to the extent of the tax lien.

Q: What effects can a tax lien have on me?

A: A tax lien will preclude you from selling the affected assets without the proceeds being paid to the IRS. Your credit score is typically severely affected by a tax lien.

Q: What is the difference in the removal or release of a tax lien from the withdrawal of a tax lien?

A: A removal or release of a tax lien will continue to appear on your credit report for a period of time after it is removed or released. This continues to damage your credit score. A withdrawn tax lien is treated as if it were never filed. As such, it can be eliminated from your credit report completely. There are certain procedures to follow while repaying the tax debt to have it withdrawn.

Q: Will the IRS allow a sale of my asset that has a tax lien if there are not any net proceeds from the sale to pay them or me?

A: Usually the IRS will allow you to close on a sale of an asset without being paid anything toward the tax debt if there are no proceeds available after paying your bank’s debt first. There is a process to undertake to achieve this goal.