Small Business Tips To Handle Tax Liens

Tips to handle tax liens

As a small business owner, there are a lot of responsibilities you need to handle on the daily. Among your many duties, filing and paying your taxes every year is one of the most important ones. Failing to meet your taxing obligations with the IRS will eventually lead to penalties and sanctions one of which is the dreaded tax lien. If, despite your best efforts, you’ve made a mistake and received bad news from the IRS, don’t despair. By getting informed and soliciting professional tax lien assistance, you can navigate your way out of tax problems such as a tax lien.

What Is A Tax Lien And Why Did You Receive One?

To attain an IRS lien withdrawal, you first have to understand what a tax lien is and where it comes from. In most cases, small businesses receive tax liens from the IRS when they have failed to fulfill their duties as a taxpayer.

Related Blog: Debunking 5 Myths Related to IRS Tax Audits

If you have been forgetful or neglected to pay your taxes and fees, at some point you’ll catch the IRS’s attention and may receive a lien, although it is a last resort for the government agency. Through an IRS tax lien, the agency lays claim to your business’s assets as a guarantee of payment. As the business owner, your personal assets are also on the line. No matter what the reason is for your lack of payment, whether negligence, lack of funds, slow profits, or a change in payment intervals, a tax lien is a serious situation. If you’ve received a tax lien, seek assistance from a tax lien attorney as soon as possible.

Are You At Risk Of Receiving A Tax Lien?

As a small business owner, you should be well aware of the warning signs that a tax lien might be coming your way. In fact, there are a lot of ways to find out whether you are at risk of a lien before an actual tax lien notice arrives in the mail. The first and most important risk factor that exposes you to tax liens is the failure to fulfill your taxpayer duties. Missing the deadline on your payments will inevitably lead to unwanted attention from the IRS.

Before you receive a tax lien, the IRS will send you a notice demanding payment. At this stage, penalties and interest will be added to your debt due to late payment. Paying your tax debt in full at this time can resolve the problem and prevent you from needing tax lien assistance. If you’re unable to pay off your entire debt, you can work out a payment plan with the IRS. In the absence of a payment or installment plan, the IRS will respond with a tax lien.

Related Blog: Procedural Map to an IRS Tax Investigation

How To Get Rid Of A Tax Lien?

Failing to resolve your tax lien is a huge risk for a business owner. The best way to protect your business assets and minimize damage is by taking prompt action. The fastest way to resolve the issue is to pay the entirety of your tax debt to the IRS immediately. However, if this is not an option for you, you need to seek tax lien assistance from a tax attorney. They can help you figure out the best course of action to get the issue resolved.

IRS Tax Lien Help

Are you a business owner looking to prevent or get rid of a tax lien? Our tax lien attorneys at the Law Offices of Nick Nemeth will help you resolve the situation to reclaim your financial health and peace of mind. Let us help save you time and stress that comes with navigating blind by offering top-shelf tax lien assistance. Call us for a free consultation at (972) 627-4580 today!

Small Business Tips To Handle Tax Liens
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