New Jersey Tax Lien Defense Attorney
Trusted Lawyer For Federal Tax Liens Successfully Negotiates Cases For Clients In Camden County, Burlington County, Gloucester County, And Throughout South Jersey
Most Americans are not happy to receive mail from the Internal Revenue Service (IRS) unless it is in the form of a rebate check. And when a Notice of Federal Tax Lien shows up in the mailbox, many people don’t know what this alert is, how it affects them, or what to do about it. At The Law Offices of Michele Finizio, we get it. Tax returns are one of those things that you suffer through once a year, or that you hand over to an accountant or outside firm to deal with. But if you have received a tax lien notice from the IRS, it is important to understand what a tax lien is, why you received this notice, the impact of a tax lien, and what you can do to make it go away. Our trusted New Jersey tax lien defense attorney skillfully handles federal tax liens for clients in Camden County, Burlington County, Gloucester County, and throughout South Jersey.
Accomplished Defense Attorney Understands Federal Tax Liens And How To Make Them Go Away
If you neglect or fail to pay a tax debt, the Internal Revenue Service (IRS) may file a Notice of Federal Tax Lien, which will be sent to you in the mail. A Notice of Federal Tax Lien is a public document that seeks to notify creditors that the federal government has a legal right to your property. Keep in mind that this action does not happen suddenly or without warning.
First, the IRS assesses your tax liability and puts that outstanding balance on the books. Then the IRS sends a bill that outlines the amount of tax that you owe, known as a Notice and Demand for Payment. If you neglect the bill or refuse to fully pay the tax debt on or before it is due, then the IRS files this public document — the Notice of Federal Tax Lien — to secure payment of the tax you owe and to alert creditors that the government has a legal right to your property.
A federal tax lien impacts you in several different ways including — but not limited to — the following:
- Assets: a federal tax lien attaches to all of your assets, including your property, your home, your vehicles, your securities, and any future assets that are acquired during the time the tax lien is in effect
- Credit: the IRS may limit your ability to obtain credit once they have filed a Notice of Federal Tax Lien
- Business: a federal tax lien attaches to all of your business property and to all of your rights to business property, including accounts receivable
- Bankruptcy: your outstanding tax debt, your lien, and the Notice of Federal Tax Lien may continue if you should file for bankruptcy
Many New Jersey taxpayers ask how they can make a federal tax lien go away. The best way to get rid of a tax lien is to pay your tax debt in full. Once your tax debt is paid in full, the IRS will release your lean within thirty days of payment. There are also options available with the IRS to reduce the impact of a tax lien. To learn more about how to settle your federal tax lien, contact the accomplished New Jersey tax lien defense attorney at The Law Offices of Michele Finizio.
Knowledgeable Defense Attorney Offers A Free, No-Obligation Consultation For New Jersey Clients Who Are Facing A Federal Or State Tax Lien
If the IRS files a Notice of Federal Tax Lien against you, it is important to take steps to settle the lien. Tax liens impact your assets, your credit rating, and your business. Even if you were to file for bankruptcy, the tax lien will still follow you. The knowledgeable New Jersey tax lien defense attorney at The Law Offices of Michele Finizio offers a free, no-obligation consultation for New Jersey clients who are facing a federal tax lien. Schedule your consultation today.
Frequently Asked Questions (FAQs) About Tax Lien Defense In New Jersey
A tax lien and a tax levy are two very different things. When you do not pay the tax you owe, a tax lien protects the government’s interest in your property. A tax levy, on the other hand, actually takes your property as a way to pay the tax debt that you owe. If you fail to pay your tax debt, and do not make any arrangements to settle your tax debt, then the Internal Revenue Service (IRS) can seize, levy, and sell any of the property that you own or any property that you have an interest in.
The easiest way to avoid a federal tax lien is to file your taxes on time, and to pay all of your taxes in full on time. If you are unable to file your taxes, or cannot pay your taxes on time, then there are several options available to you. The IRS offers payment arrangements to assist you with settling your tax debt over a set period of time. Do not ignore letters or notices from the IRS regarding any outstanding tax debt — this will negatively impact your situation. If you have additional questions regarding federal tax liens, arrange for a free consultation with the New Jersey tax lien defense attorney at The Law Offices of Michele Finizio.
Yes. When the IRS files a tax lien, this lien is attached to almost all of the property you own, including your house, your car, and other assets. And it does appear on your credit report as well. If, for example, you sell your home, the IRS has the legal right to take the proceeds of your house sale to cover your outstanding tax debt, the interest accrued on that debt, and the financial penalties.