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Sneak Preview – Website Updates Part VI

IRS Tax Lien Release/Subordination/Discharge When the IRS slaps a tax lien against your property over non-payment of a tax debt, it can wreak havoc on your financial situation and possibly hamper your ability to obtain credit. Fortunately, there are a number of ways to minimize the damage that an IRS tax lien can cause while […]

Completing a Real-Estate Mortgage Transaction When Subject to a Tax Lien: Part III

Borrowing to Buy a Residence When Subject to a Tax Lien One of the more extraordinary powers one can wield to improve one’s life is the power to borrow money at a favorable time, especially to buy a home. A home is often one’s first and best investment, it is an investment that requires most […]

Completing a Real-Estate Mortgage Transaction When Subject to a Tax Lien: Part II

Selling a Mortgaged Property When Subject to a Tax Lien Life goes on, even when you are subject to an IRS or other state or local tax authority’s lien or have a tax lien against your real property. At least, you need and want life to go on despite the tax lien. And those personal […]

Completing a Real-Estate Mortgage Transaction When Subject to a Tax Lien: Part I

Nothing complicates a financed real-estate transaction quite like an IRS or other tax lien. Real-estate transactions involving a mortgage are complex enough, even when they don’t include a tax lien. Add the IRS or state or local taxing authority to the mix, and a tax lien can look like a deal killer. A tax lien […]

What’s the Difference Between an IRS Levy And an IRS Lien?

The IRS imposes a variety of penalties on delinquent taxpayers who fail to respond to collection efforts. In especially severe situations, the agency may assess liens or levies. Both are problematic for taxpayers, but many struggle to tell the difference. Keep reading to learn the distinctions between these two IRS actions — and why both […]

Everything You Need to Know About a 941 Tax Lien

As an employer, you are accustomed to dealing with tax concerns. Many of these involve IRS Form 941, which is also known as the Employer’s Quarterly Federal Tax Return. Filed four times each year, this form calls for details on the number of people employed by your business, total wages paid to these workers, and […]

How Do You Get an IRS Lien Removed? A Look at Possible Strategies

Your tax debt situation has spiraled out of control, to the point that the IRS has placed a lien on your account. This public document notifies creditors of the government’s legal rights to your property —and it makes it virtually impossible to secure outside loans or lines of credit. The sooner you ditch your IRS […]

What to Say (and What Not to Say) When Communicating with an IRS Agent

The suggestions highlighted below will help you communicate more effectively with the IRS on behalf of your client.  Be Prepared With the Proper Documents Prior to calling, gather relevant tax documents from your client to ensure that you’re fully prepared to answer any questions IRS agents may pose. The more organized and in charge you […]

Crash Course: The Difference Between an IRS Lien and IRS Levy Explained

The IRS threatens a variety of consequences for nonpayment of taxes. While penalties and interest may be the first course of action, liens and levies are distinct possibilities for large balances not paid over a long period of time. While these repercussions hold many similarities, they’re quite different in practice, as highlighted below. Levies Versus […]

How IRS Debt Affects Credit— And What You Can Do

If the IRS audits you and finds you underpaid your taxes, the taxes themselves (along with any penalties and fees) don’t immediately impact your credit score, but how you pay that debt can cause those numbers to drop. How much you owe and how you choose to pay both impact your ability to borrow money […]