Paying taxes in New York can be a burden, but not paying them can lead to serious consequences. One way that the government will attempt to secure payment from you is by placing a federal tax lien on your property. We at the Law Office of Louis D. Stober, Jr., can not only help you understand what this lien means, but also how you can get rid of it.
According to the Internal Revenue Service, federal tax liens will only be placed if you neglect to pay your debt after the IRS has assessed your liability and sent you a bill. The lien could be placed on several different forms of property, including financial assets, real estate and personal property.
Once you have had a lien placed on your property, you will be able to use one of several methods to remove it or reduce its impact. One option is a withdrawal, which lets the IRS know that your property will not be sought by other creditors and will remove the public Notice of Federal Tax Lien. There are a couple of options available if you choose to withdraw.
You can also choose to enact a subordination. A subordination will not get you out of the lien, but can make it easier to qualify for a mortgage or loan. You may also qualify for a discharge of property to remove the lien.
It is important to remember that the IRS will not release your lien for up to 30 days after your debt is paid. For more information on this topic, please visit our web page.