Tax Liens Affect Both Rich & Famous And Mere Mortals: How to Remove an IRS Tax Lien?
Reports about some celebrity – or business owner or politician, for that matter – running into trouble with the IRS because of taxes trickle in almost every day. Most recently, rapper T.I. got into trouble because of an IRS tax lien.
But problems with the IRS – such as a tax lien – can affect not only celebrities but also mere mortals. They can affect YOU.
Many Fort Lauderdale residents don’t spend enough time analyzing their tax situation or don’t know that they are about to get into trouble with the IRS. But tax issues, if left unchecked, can make you both financially and emotionally paralyzed, our Fort Lauderdale IRS liens attorney Ira Zuckerman warns.
What is an IRS tax lien and what to do about it?
A tax lien refers to a lien imposed on your property to secure the payment of a tax debt or to comply with other IRS obligations.
You can be slapped with a tax lien for delinquent taxes owed on real property or personal property. Our IRS liens attorneys at Zuckerman Law, L.L.C. also say that a tax lien can be imposed if you fail to pay income taxes or other taxes.
That said, you don’t necessarily have to be a celebrity with vast income in order to be at risk of an IRS tax lien. Why does the IRS do it?
Well, a tax lien is the IRS’s way to keep or sell your property to force you to pay your tax debts. Without tax liens, residents in Fort Lauderdale and all across Florida wouldn’t be motivated to take action and settle their tax debts.
What happened to T.I.?
While it may seem that celebrities are at a bigger risk of facing tax liens, it’s not entirely true. They may be in the spotlight and in the news 24/7, but it doesn’t mean that low-income Americans or those with modest income shouldn’t worry about tax liens.
Our best Fort Lauderdale IRS liens attorneys say this: if you have any unpaid taxes, you may be at risk of a tax lien sooner or later, depending on your particular circumstances.
In the case of T.I., the rapper recently attempted to stop the IRS from seizing his assets as part of a huge tax lien. The rapper has reportedly been slapped with three tax liens, totaling more than $6.2 million in unpaid taxes.
The IRS has repeatedly warned T.I. it would seize his assets, including his private property, to satisfy the massive debt, but the rapper took action when it was too late.
T.I. hired IRS liens attorneys to take legal action to have the tax liens reviewed, and then appealed when the court dismissed his motion arguing that the deadline had passed. The rapper’s legal battle with the IRS rages on, and it’s unclear if his assets are still at risk of being seized by the IRS.
How to remove an IRS tax lien?
In order to get rid of a tax lien, you must pay all the unpaid taxes in full. However, that’s not the only thing you can do to remove an IRS tax lien, our IRS liens attorney in Fort Lauderdale says.
With the help of a skilled attorney, you could bring up an offer in compromise, which would help you settle your tax debts to the IRS.
That means you may not have to pay the full amount of your taxes in order to remove the IRS tax lien. By accepting the offer, the IRS agrees to reduce your tax debt to the amount offered by you and your lawyer in the offer in compromise.
After you pay the specified amount, your past unpaid taxes will be reduced to zero, which will subsequently remove the IRS tax lien.
Consult our IRS tax liens attorneys at Zuckerman Law, L.L.C. to find out your best course of action. Every case is unique, which is why you may need a personalized legal plan to get rid of the IRS lien.
Call our Fort Lauderdale offices at 754-201-3536 or fill out this contact form to get a free consultation.