Tax liens and levies are two significant actions that can be taken by tax authorities when a taxpayer has unresolved tax debts. Tax defense strategies can be important in dealing with these situations.
A tax lien is a legal claim against a taxpayer's property that secures the government's interest in unpaid tax debts. This means that if the taxpayer sells or refinances their property, the tax authority is entitled to be paid before any other creditors. A tax lien can affect an individual’s credit rating and their ability to obtain loans, so addressing it promptly is essential.
On the other hand, a tax levy is a more aggressive action that allows the tax authority to seize a taxpayer's assets to satisfy their tax debt. This can include garnishing wages, withdrawing funds from a bank account, or taking possession of physical property. The government typically sends multiple notices before taking this step, so it is crucial for taxpayers to respond to any correspondence from the tax authority in a timely manner.
For those facing tax liens or levies, seeking relief may involve negotiating with the tax authority, which can be a complex and daunting process. Tax Defense Partners focuses on offering assistance to individuals dealing with these matters. They may provide guidance on options such as an Installment Agreement or an Offer in Compromise, which can help to resolve tax debts and potentially lift liens or levies. For further information about their services and how they can assist with tax liens and levies, individuals are encouraged to look at the current web page, where they can find relevant contact details and resources.
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