Tax Liens
Think of a tax lien as the way the IRS secures a debt. If you owe the IRS for back taxes, the IRS looks at what you owe to them as a debt that they intend to collect. As with any debt, if you can secure the amount due with some sort of collateral, the more secure the debt is. This is simply what a tax lien does. It secures the debt you owe to the IRS.
A tax lien may sound simple, but it is the toughest IRS actions to deal with. If you owe the IRS for back taxes, you need to deal with the issue as soon as possible because once a lien is filed; it is extremely difficult to have it removed. It’s like owing the bank for a mortgage. The bank will never release your house as collateral until the mortgage is satisfied. It works the same way with the IRS. In most cases, the IRS will not release a lien until the debt (taxes) is paid in full.
It really doesn’t matter what type of solution we negotiate with the IRS, it is difficult to stop a lien and once a lien is placed, it is almost impossible to have it removed.
Simply put, deal with the tax situation before a lien is placed on your assets. If you do, you have a better chance at keeping a lien from being filed.
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