Sometimes taxpayers facing IRS tax problems believe a tax lien to be the same as a tax levy. However there is a difference as we recently explained to taxpayers residing in Boca Raton.

A lien notifies the public that you owe back taxes while a levy is the process that actually takes your property. An IRS Notice of Tax Lien is filed in the county in which you live or where your business is located. A federal tax lien is a claim on any property you currently own or acquire in the future and with certain exceptions will remain in force until you pay the outstanding balance. Typically, the IRS will not file a lien if you owe less than $10,000. When the IRS files a tax lien they do not take your property or rights to your property unless they have issued a tax levy.

The filing of a federal tax lien will impact your credit and it is best to request the IRS withdraw the lien. Once an IRS lien is withdrawn your credit score will rapidly improve. The tax consultants at East Coast Tax Consulting Group continue to help qualified taxpayers with IRS lien withdrawals and are ready to provide this service to you.

The IRS must issue a” Final Notice of Intent to Levy and Right to a Hearing” before they can take your property. If you don’t properly respond to the notice within 30 days they will normally proceed to levy your bank account or your wages and other property you may own.

If you have been served with a bank levy or IRS wage garnishment we can help to have it removed. We will analyze your situation and recommend a workable resolution to your IRS tax problems. If the levy is creating an immediate economic hardship we will work with the appropriate IRS personnel to expedite the levy release.

If you live or work in Boca Raton or elsewhere in Palm Beach or Broward Counties and are experiencing tax problems such as an IRS tax lien or IRS tax levy call us today at 561-826-9303 for a free consultation.