Tax Lien: The IRS’s Legal Claim on Your Assets

So, what exactly is a tax lien? The word is tossed around so often, but do you really know what it is? We’ll help you uncover the truth:

A tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. It serves as a public notice to creditors that the IRS has a right to your property.

Here’s what you need to know about tax liens:

• Public Record: The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
• Impact on Your Credit: A tax lien can significantly damage your credit score, making it difficult to get credit or loans.
• Scope of the Lien: It applies to all your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.
• Duration: The lien remains in place until your tax debt is satisfied or becomes unenforceable due to time limitations.

Understanding tax liens is crucial for protecting your financial health. If you’re facing a tax lien, don’t panic – there are options available. At Bernice Hassan and Associates, we can help you navigate this complex situation and work towards resolving your tax debt.

Click here to schedule a consultation and take the first step towards freeing yourself from the burden of tax liens.