IRS Liens and Levies
IRS Liens and Levies
Prior to filing a lien on your property, the IRS will send you a Notice of Intent to place a Lien on your property. You should take action immediately if you receive a notice of lien or levy. If you do not take action immediately, the IRS can take your property or take money out of your bank account.A lien is a legal claim against any real estate owned in the county in which the lien is filed. A levy is the action of taking an asset, such as a wage or bank account, to satisfy the payment of a debt. Often times, the IRS will file a lien or levy against you if you owe taxes or if they claim you owe taxes. When you receive the Notice of Intent to place a lien on your property, our office can take action to prevent the lien from being placed. Negotiations are difficult if you miss your deadline. If you failed to respond to the Notice of Intent to Levy or Place Lien, the IRS will file a lien in the property records. Our office will then examine the different methods in dealing with your IRS lien or levy.
Options if you have an IRS lien or levy
1. The IRS might release the lien or levy if you enter an installment agreement to pay the tax. Click our Installment Agreements page in our website to see the critera for installment agreements. 2. You can pay a portion of the tax by submitting an Offer in Compromise to the IRS. If they accept your offer in full, they will release the lien or levy. 3. You can file bankruptcy or appeal the lien or levy. 5. You can request a lien subordination from the IRS. We don't recommend handling IRS lien releases yourself. Radha Rothrock is a tax attorney in Fort Myers. Her practice includes handling IRS liens and levies. If you have been served with a Notice of Intent to Levy, call the office immediately at (239) 206-1948 to discuss your options. Read the full article
