Folsom IRS Tax Lien and Levy Attorney

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As a taxpayer, the last issue you want to deal with is the possibility that the Internal Revenue Service may place a tax lien on your property. However, this is the reality for many taxpayers that fail to timely file their taxes or that underestimate the lengths that the IRS will go through to hold a taxpayer liable. If you require legal assistance to assist in handling an IRS tax lien, you should work with an experienced Folsom IRS tax lien and levy attorney today.

The NewPoint Law Group has litigated many IRS tax lien and levy cases, and we would be pleased to use the experience to represent you. Our firm understands how a tax lien or levy could substantially affect a taxpayer, and we are here to help you resolve this matter as soon as possible. To schedule a confidential legal consultation to discuss your tax lien, contact the NewPoint Law Group at 1-800-358-0305. You could also contact the firm online to schedule your consultation.

Reasons for IRS Tax Liens for Folsom Taxpayers

The Internal Revenue Service will file a federal tax lien for some or all of the property that a taxpayer owns. The property seized by the IRS could include property by an individual taxpayer or property owned by a company. This means that real estate, personal items, and financial assets could be subject to a tax lien. Typically, the IRS will not pursue a federal tax lien against a taxpayer until the taxpayer has ignored their tax liability for a long period of time.

To begin the process of placing a lien on a taxpayer’s property, the IRS will file a Notice of Federal Tax Lien with the local recording office. In this document, the IRS may list up to 15 tax liabilities that the taxpayer is responsible for paying. It is also important to note that the Notice of Federal Tax Lien will allow the IRS to take priority over any other creditors that the taxpayer owes. As a result, a taxpayer could have trouble securing credit or a loan from a financial institution.

Removing a Tax Lien

There are multiple ways for a taxpayer to get a tax lien removed from their property. If you need assistance with any of the following matters, our Folsom tax lien and levy attorneys are here for you.

Pay the Tax Debt

One of the primary ways for a taxpayer to remove a lien is to pay your tax debt. Once a taxpayer has paid their balance to the IRS, the IRS will remove the lien within 30 days of the payment. If you find it difficult to pay your entire tax debt within a certain amount of time, it may be possible to negotiate a payment plan with the IRS. In many cases, the IRS would like to resolve a tax lien issue without having to levy the property or pursue criminal action.

Discharge the Lien

Another way for a taxpayer to remove a tax lien is to discharge the lien. A certificate of discharge of a federal lien can be granted under a few circumstances. For example, if the value of the taxpayer’s property under the tax lien is equal to or twice the amount of their federal tax liability assessed by the IRS, this could allow the taxpayer to discharge the lien. Alternatively, a tax lien could be discharged if the taxpayer’s liability is partially paid as long as the amount paid is not less than the value of the interest in the property being discharged.

Subordination

A taxpayer could also use subordination to handle their tax lien. Subordination allows the taxpayer’s creditors to have priority over the IRS tax lien, which could make it easier to secure loans to pay off the lien. Note, however, that the process of subordination does not remove the lien from the taxpayer’s property.

Withdrawal

A taxpayer could also use a withdrawal to remove a tax lien from their property. A withdrawal retracts the Notice of Federal Tax Lien and ensures that the IRS will still be paid despite the taxpayer owing to other creditors.

To learn more about how a tax levy could affect you, you should continue reading and speak with an experienced Folsom tax lien and levy lawyer.

How Tax Levies Work in Folsom, CA

If a taxpayer ignores or refuses to pay their tax debt to the IRS, the IRS may choose to levy the property of the taxpayer. The IRS will only take the property it needs to satisfy the tax debt. However, if you have a large tax bill, this could result in a sizable portion of your property.

Before the IRS proceeds with a tax levy, they will notify the taxpayer of their debt and request that it is promptly paid. If the debt is not paid within 30 days of the taxpayer receiving notice, the IRS will seize their property.

If you need assistance with negotiating a way to pay your IRS tax debt, our firm is ready to work with you.

Consult with Our Experienced Folsom IRS Tax Lien and Levy Lawyer Today

If you need assistance managing your tax liability to avoid an IRS tax lien, you should consult with an experienced Folsom IRS tax lien and levy lawyer as soon as possible. The NewPoint Law Group has decades of experience litigating complex claims, and we are ready to help you handle your tax lien case. To schedule a confidential legal consultation to discuss your tax lien case, contact the NewPoint Law Group at 1-800-358-0305. You may also contact our skilled tax attorneys online.