Taxes

Tax Lien (Video)

Watch our new video to learn the three ways you can get rid of an IRS tax lien!  

In this video, we go through the ins and outs of IRS tax liens.  They are horrible, scary and wreck your credit score. And they make it harder to sell your house.  Here we learn exactly how to get out from under an IRS tax lien.

We start with an introduction to how an IRS tax lien works. Topics include what triggers the lien, the impact of lien on credit scores, appealing a lien, and when tax liens expire.


Strategies

We cover three strategies to deal with an IRS tax lien:

First, Gary explains how to discharge an asset from under a lien. This simple strategy allows the taxpayer to sell their house, even if the IRS has a lien on their property.

Second, I talk about loan subordination. By subordinating a loan, the taxpayer is able to refinance their debts, including a mortgage. The IRS agrees to allow another creditor, such as a bank, to take priority on a debt. Therefore, the debt is refinanced and the taxpayer uses part of the proceeds to pay off the back taxes owed to the IRS. Once the tax is paid, the lien goes away.

Third, I review the process to have a lien withdrawn. This is a great solution for those with $25,000 or less in tax debt.

I conclude the video with a discussion on foreclosures of tax liens. This may be the unfortunate result for those taxpayers who ignore their tax liens, along with repeated warning letters from the IRS.   As a result, these people can end up losing their house to pay back taxes.


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Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.