Another Reason to Pay Your Taxes
Federal Tax Liens can really make your life miserable. When your taxes are not paid, the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your accounts receivables. At this point everything you own is just one step away from becoming the property of the United States Government.
Liens filed against you by the IRS also show up on your credit report. This often prevents you from opening a checking account or borrowing against any assets, like your home. The banks do not want the extra work when the IRS comes in to take your money.
With a Federal Tax lien on your record, you can't get a reasonable loan to purchase a car. Think about paying 18-22% interest on a car, which is already an expensive purchase. You definitely cannot buy or sell any real estate.
The list is endless.
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Akram & Associates is here to help. Call us toll-free at 844-386-3829, or use the form on this page to schedule a free consultation.