Tax Lien Removal
A tax lien is one of the most serious types of tax collection actions because of its wide-reaching effects on the tax debtor’s ability to buy and sell real and personal property, obtain financing, and secure employment in industries where the debtor has a fiduciary duty or requires special licensure. To make matters worse, once a tax lien is put into effect, it is extremely difficult to remove without the help of an experienced tax professional who specializes in tax lien removal and resolution.
The devastating effects of a tax lien
A tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real or personal property, or as a result of failure to pay state or federal taxes.
Despite the IRS and state taxing authorities not reporting to the credit bureaus, the presence of a lien will be detected by the credit bureaus during periodic updates of your credit history. Once a tax lien has been added to the debtor’s credit history, the results can be devastating: A tax lien will prevent someone from purchasing or selling property, obtaining credit to purchase a vehicle, or even jeopardize job security for those with fiduciary duties, security clearances, or professional licenses.
Removing tax liens with an experienced tax relief professional
The length of time a tax lien will stay in effect depends upon whether the tax debt is state or federal and whether the state where the lien is in place allows for debt forgiveness after 10 years from the date of assessment. State tax liens, unlike federal tax liens, cannot be removed without paying the debt in full.
Even if you pay off your tax debt in full, tax liens aren’t automatically removed and can continue to wreak havoc on your financial health. With the help of an experienced tax professional, the tax lien can be removed by obtaining a lien satisfaction letter and filing it in the county where the lien is in effect, as well as with the major credit reporting agencies.
Unfortunately, not all tax liens are subject to removal. Whether your tax lien can be removed depends on a number of factors such as the tax type, debt amount, historical data on the debt itself, and the resolution. A tax professional who specializes in tax lien subordination will be able to assess your tax lien to determine whether removal is possible.
Remove tax liens with the tax removal specialists at Key Tax Group
Key Tax Group specializes in tax lien subordination and removal. With our focus on tax resolution and successful representation of more than 10,000 clients, we have the experience, legal expertise, and tenacity to get the job completed. To learn more about how Key Tax Group can remove your tax liens, contact our office for your free initial consultation today.