The government can lay a legal claim against buildings or land that you own whenever you do not pay a tax debt. If the IRS assess your liability they will send you a notice indicating that you need to make payment. If you ignore it, you are likely to face this situation. In addition to placing a lien on your property the government will also file a notice against you. This makes your other creditors aware that the IRS has a claim on your assets.
Paying off your debt is the best way to deal with a lien. However, this may not always be a good option, especially if you are unable to access enough cash to do that. The IRS may also be willing to do a Discharge of Property and in that case, some of the assets that you own will be exempt from the lien.
If you need a loan to fund your business or are interested in getting a mortgage for commercial property, Subordination may be a good alternative. This allows other creditors to take precedence over the IRS. Under certain conditions you may also be eligible for having the government remove the public notice. This is called a Withdrawal and is an option for taxpayers who have entered a Direct Debit agreement for installments.
Most small business people do not know all of the alternatives that they have. Do not ignore the notices that are sent to you. Interest will pile up and your debt will grow. Government officers may even show up at your business place at a time that could be embarrassing for you. It is important to protect your business accounts, vehicles and inventory by getting help.
Experienced tax professionals at TalonTax.com can help you to keep the doors of your business open. They can help you to negotiate with the IR and develop a payment plan. They can also help you to access other solutions which may be offered to business people in your position. For example, businesses that are facing financial problems may sometimes receive an offer in compromise. Call TalonTax.com today and learn more about your options.