How does an IRS tax lien affect you if you live in Gilbert Arizona?
First off an IRS tax lien attaches to all of your assets. This includes homes, land, investments and vehicles. If you purchase assets after the tax lien has been filed, the lien will attach to future property as well.
Second, tax liens have a negative impact on your credit score. Once the IRS files a Notice of Federal Tax Lien, your credit will be damaged and the lien will limit your ability to borrow from banks or get a credit card.
Thirdly, if you are self-employed, the lien will attached to all of your business property. This includes accounts receivable.
And finally, if you file a bankruptcy, the tax lien may continue to attach to your property. There are options here to get the lien removed after bankruptcy. This will require professional advice and action.
May I suggest you contact Scott Allen E.A. if you live in Gilbert AZ as soon as a Notice of Federal Tax Lien has been filed against you? Scott Allen E.A. has expertise in minimizing, and in some cases eliminate the impact of an IRS tax lien. Scott can be reached at 480-926-9300. He offers a free consultation and will make your appointment a positive experience.