Getting issued a federal tax lien is one
of the dire possibilities of not paying your taxes (or not doing so on time, in
some cases). The IRS files this document to notify the public that you have an unpaid
tax debt. It will be attached to your real and personal property, and any sales
proceeds will be collected by the IRS to satisfy your debt before any amount will
be paid to you. It can be linked to your properties and credit report up to ten
years because of the corresponding statute of limitations.
If you receive a Notice
of Federal Tax Lien, make sure you consider the following measures:
Check if it is correctly filed.
There are some instances
that the lien is filed in error (e.g. if it was filed for the wrong person or
if you don’t have any outstanding balance). If that happens, contact the
federal agency to confirm the error. They will withdraw the federal tax lien,
which means it won’t appear in your records.
Review your rights and options with a tax attorney.
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