What Are Tax Liens and Levies?

FEB 8, 2018-1 MIN
Tax Resolutions Podcast with Tom Scott

What Are Tax Liens and Levies?

FEB 8, 2018-1 MIN

Description

<div style="text-align: center;"> <iframe allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/0rwWEGLmWyU?rel=0" width="640"></iframe></div> <div dir="ltr" style="margin-bottom: 0pt; margin-top: 0pt;"> <div style="line-height: 1.38; text-align: center;"> <div style="text-align: left;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span id="docs-internal-guid-68ddc2e0-5e9c-fdeb-2354-ced2e0da857c"><span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;"><i>What are tax liens and levies? I’m going into detail about both today.</i></span></span><br /> <span style="font-family: &quot;arial&quot;; vertical-align: baseline;"><i><span style="font-size: 14.6667px; white-space: pre-wrap;"><a href="http://www.taxresolutionscpa.com/free-tax-relief-consultation/" target="_blank"><b>Click here for a FREE tax relief consultation</b></a></span></i></span><br /> <span style="font-family: &quot;arial&quot;; vertical-align: baseline;"><i><span style="font-size: 14.6667px; white-space: pre-wrap;"><a href="http://www.taxresolutionscpa.com/tax-relief-services/" target="_blank"><b>Check out our FREE tax resource library</b></a></span></i></span> <span style="font-family: &quot;arial&quot;; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span><br /> <br /></div> </div> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="margin-bottom: 0pt; margin-top: 0pt;"> <div style="line-height: 1.38; text-align: center;"> <div style="text-align: left;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">Welcome back to another edition of our series exploring various tax problems you can run into. Today, we’re talking about tax liens and levies. </span></div> <br /> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span style="font-family: &quot;arial&quot;; font-size: 11pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">When the IRS issues a lien, it’s a lien on all of your property. </span><span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">It doesn’t matter if it was recorded in your county or not. This results in your inability to sell your home, car, or anything else without paying the IRS first.</span></div> <br /> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">These liens can elevate to a levy on your bank account. Yes, the IRS will take money directly from your bank accounts. They’ll take money from all of them if necessary. These liens also give the IRS the right to dip into your retirement accounts. </span></div> </div> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="quote-box"> <span class="quote quote-left">“</span><br /> <div class="quote-text"> These liens can turn into levies quickly.<br /> <br /></div> <span class="quote quote-right">”</span> </div> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">When the IRS files a federal tax lien to the county clerk in your area, it’s a public notice that you owe the IRS and must pay them first before you sell your home or anything else</span><span style="font-family: &quot;arial&quot;; font-size: 11pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">. A bank levy is sent to your bank saying that they must freeze the cash in your accounts up to the amount that you owe the IRS and send it to them. </span><span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">The freeze can last for 21 days, then the bank must send the cash to the IRS.</span></div> <br /> <span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">Bank levies are a result of ignoring multiple notices that you have been sent by the IRS. While it might be too late already, </span><span style="font-family: &quot;arial&quot;; font-size: 11pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">the best chance you have at removing the levy is by reaching out to an experienced tax problem specialist like myself.</span><span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;"> We can help you negotiate the amount that you owe to the IRS. We’ve had great success in the past negotiating with them. We have years of experience negotiating with the IRS in order to get our clients the lowest bill possible. There are many solutions that we can come up with, but time is of the essence. </span><br /> <br /> <div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;"> <span style="font-family: &quot;arial&quot;; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">Once you get that notice of levy, you only have 21 days to respond before they start taking your money. If you have any questions for me about how I can help you with a problem like this, give me a call or send me an email. I look forward to hearing from you.</span></div> </div> </div> </div> <span id="docs-internal-guid-d4784fa5-f798-5ea6-ca66-df4cbb076ee3"></span></div> </div> </div> <div> <span id="docs-internal-guid-50dbc15e-df97-5e79-3128-ec52b756e2c2"> </span></div>