Always make sure to pay your federal tax bill on time, otherwise, you may be charged with a penalty known as tax liens so that payment of debt will be guaranteed. If you’re looking for a reputable CPA firm in El Paso, TX, Marcus, Fairall, Bristol + Co., PLLC is the accounting firm that you can trust! We can assist in resolving your tax problems, particularly IRS liens, to put an end to the issue and give you peace of mind.
Liens can be so traumatic because they can be charged against you, your spouse, and your company. Taxable property includes, but is not limited to, income taxes, gift taxes, and estate taxes. The creditor, in this case, the United States federal government may proceed to seize the assets if the obligation is not yet met. The amount that needs to be settled accumulates in the form of interest if it goes unpaid, and once a tax lien is assessed, the lien is also applied to property acquired subsequent to the date of the assessment.
Here is a list of things that could happen if you have unpaid taxes the IRS imposes liens against you:
- Your capacity to pay will be questioned. The IRS can file a public notice of the tax lien, and this will inform other creditors that the government has a right to your property. This will make applying for a loan much more difficult.
- It can threaten the chance to sell your home or refinance it. Tax liens often appear during title searches. Hence pay your taxes through equity if you’re trying to sell or refinance your house.
- It’s time-consuming. If your taxes are overdue, chances are, you’ll spend more hours on hold when you call, or you might be assigned to talk to a revenue officer which may require you to visit their office personally.
- You can end up with a tax levy. Not paying your back taxes despite the issuance of federal tax lien by the IRS may result in the issuance of Notice of Intent to Levy.
If you want to get your tax lien removed, the only solution is obviously to pay your tax bill and make sure to communicate and cooperate with the collection team.
However, if you don’t know how to handle your tax problems, make an appointment at Marcus, Fairall, Bristol + Co., PLLC and we will advise you on the options and steps you can take. If you agree with us and ready to move forward, we will file a Power of Attorney to the IRS. This will provide you with immediate relief from this point since the IRS will be required to contact us instead of you.
On your behalf, we can ask them to get you an IRS payment plan. Despite your tax balance’s accumulated interest and penalties, we can make them allow you to obtain an installment agreement that will let you take three consecutive payments right out of your bank account.
This may convince the IRS to withdraw the federal tax lien from public records. But keep in mind that payment for your tax debt is still required.
Another option that our company can help you with, is asking an Offer in Compromise. It is an offer to settle less than the full amount you owe. You just need to file all your tax returns and make the necessary estimated tax payments for the current year. If you do this, the IRS might consider to qualify you.
We can also represent you to file an appeal. If you want a review of a lien or levy notice, asking for a collection due process from the IRS Office of Appeals may be recommended. Our company can do IRS audit representation and ask the Office of Appeals to review the case.
Although it may be a long process, you can also file for bankruptcy to get rid of tax debt. You just have to be prepared because filing for bankruptcy will entail a lot of rules and it may not be effective in some cases.
Marcus, Fairall, Bristol + Co., PLLC has been in the accounting industry for 30 years ensuring our clients that we provide licensed and experienced accountants in handling all types of IRS related issues. If you have an urgent question or you need a confidential, no-obligation free evaluation, please call us and we will discuss all available options for resolving your matter.
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“As outside counsel, we determine if there is evidence to prove criminal mismanagement, embezzlement, evidence of stolen merchandise and/or laundered money. It’s our job to set things right when our clients must prove they are victims of financial fraud.” ~ David Given Marcus, CPA, CFF, Managing Partner of Marcus, Fairall, Bristol, + Co PLLC
Any financial questions?
We’ll work with you to carefully go over any and help you with tax liens. Our El Paso CPA firm has decades of experience handling all types of IRS related issues. If you have an urgent question please call (915) 775-1040
MARCUS, FAIRALL, BRISTOL + CO., PLLC
230 Thunderbird Dr Ste G, El Paso, TX 79912
Phone: (915) 775- 1040
Full-Service CPA Firm in El Paso