Federal tax liens should be taken very seriously. When your taxes are not paid, the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your account receivables. It is important to take the right steps as soon as you can, and we can guide you through them.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks don't want the extra work when the IRS comes in to take your money.
With a Federal tax lien on your record, you run into financial opportunity limitations. It may become more difficult to get a loan or even buy and sell real estate, for example.
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At First Choice Professional Services, we've been serving the accounting needs of Amsterdam, NY and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.
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