A lien is a claim against your property. It’s not an immediate seizure, but it’s a claim that you owe money as a result of not paying the taxes you owe. A tax lien can be placed on your property by the IRS or your state government. Tax liens are also public announcements that you have an outstanding debt with the government.
A tax lien is a matter of public record, so you may be able to imagine the problems they can trigger. Specifically, tax liens can cause:
Receiving tax lien notices on your property is one of the scarier situations you may ever encounter in your dealings with the IRS. When you first begin receiving notices from the IRS or have a IRS Audit, notify your NYC CPA immediately. Tax liens don’t go away without the help of your tax accountant, who knows your finances better than anyone else. Your CPA has the best chance of helping you keep your property.
If you get hit with a tax lien, you’ll likely receive numerous calls from companies offering to help. Be wary of these companies. Dealing with a tax lien requires an expert CPA who not only knows your situation, but understands the tax laws. The tax accountants at Miller & Company with offices in NYC and Queens have the experience and knowledge to minimize the consequences of a tax lien and legally avoid them altogether.
State tax liens occur when you owe money to your state government. These liens vary from state to state. State tax liens have the reputation of being much more strict than federal tax liens. If you receive notifications from your state regulatory agency, it’s in your best interest to contact your CPA immediately. It’s more likely you’ll lose your property or home with a state lien than with a federal tax lien.
IRS liens are debts that you owe the federal government. They differ from state tax liens in that the IRS is a little more predictable in how they deal with a lien. While federal tax liens can bring serious penalties, the IRS is often willing to work with you if you owe substantial taxes, especially if you have the help of a knowledgeable CPA. Best rated accountant in NYC, Miller & Company tax lien specialists have helped many of their clients save their property and reputations.
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