What is Tax Levies and Tax Liens?

TAX LEVIES

TAX LEVIES

Tax Levies is an administrative action taken by the IRS. IRS uses its power if anyone donot pay the taxes or make any illegal arrangement to settle down the tax debt. In such cases IRS takes some legal steps and seizes the property belongs to the person to satisfy tax debt.

For instance:

• The IRS can seize and sell  property( such as house, car) of any person who has not paid his taxes.
• The IRS can seize those property of yours, which are your personal but may have held by someone else.(such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

IRS takes the above actions when these requirements are met:

• The IRS assessed the tax and sent you a notice or demand for payment, which is neglected or refused by you.
• The IRS will send you a final notice of your right to A hearing, at least 30 days before the levy. IRS will send you the notice on your registered mail or address.

If the IRS levies your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.

IRS will release your property, wages or federal payements only when:

• The levy is released
• Person pay off his tax.

Your bank account must hold the funds that your have in your bank deposit If IRS levies your bank account.This time is of 21 days and will be consider as holding time, which allows time to resolve any issues.If this money applies to the IRS, the bank would sent it to them.

If you are facing such problems,please come to us. It is a serious matter and should be resolved by the expertise. Our team of creative tax resolution will provide you best services to make your life debt free..

Contact us today to schedule an appointment with a specialist of Creative Tax Solutions.

TAX LIENS

TAX LIENS

A Tax Lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed on the properties which are found guilty, it could be real as well as personal property. Lien is imposed as result of non payment of taxes.

IRS can legally claim to your property as security or payment for the taxes one has not paid. It is the legal right of the IRS to sell the property if one fails to pay the taxes. A notice of lien filed only after IRS assesses the liability.IRS send you a notice of demand for payment which need to be responded within 10 days. If someone fails to pay the full payment of debt,IRS notifies about the lien.

Once these requirements are met, a lien is created. Through this lien IRS publicly notifies that all your property is under the IRS claim.

This notice is used by courts to establish priority in certain situations, such as bankruptcy proceedings or sales of real estate.

The lien attaches to all your property (such as your house or car) and to all your rights to property (such as your accounts receivable, if you are a business).

Worst part of the lien is that you can not apply for any kind of loan or money  anywhere. No such organizations going to help you out. To resolve all these problems you may have the 30 days within which you can sort out the issues to a limit with the IRS.But the procedure needs a strategy, time and patience.

We recommend people to solve their problems by taking the help of an established tax resolutions companies. They can help you legally. Creative tax resolution has the team of experienced expertise who are qualified enough to sort out your problems.