Tax Liens & Tax Levies Attorneys Serving Henderson & Las Vegas
Few things are as stressful as dealing with a tax lien or levy. If you’ve received a notice from the IRS threatening to seize your assets or place a lien on your property, it can feel like your financial stability is slipping away. But you don’t have to face this situation alone. At Day Tax Advisors, we specialize in helping individuals and businesses resolve tax issues, including income tax liens and levies. Our goal is to provide you with the guidance, representation, and solutions you need to protect your assets and get back on track financially.
What Is a Tax Lien?
A tax lien is a legal claim the IRS places on your property when you fail to pay your tax debt. This can apply to all your assets, including real estate, vehicles, bank accounts, and even future assets that you may acquire. While a lien doesn’t mean the IRS is taking your property right away, it is a serious step in the collection process. Once a lien is in place, it can severely impact your credit score, making it difficult to obtain loans, sell your property, or even refinance your mortgage.
The IRS files a Notice of Federal Tax Lien to inform creditors that they have a legal right to your property. This public record can stay on your credit report for years, even after you’ve paid off the debt.
What Is a Tax Levy?
A tax levy is more severe than a lien. While a lien is a claim on your property, a levy is the actual seizure of your property to satisfy your tax debt. The IRS can levy your bank accounts, garnish your wages, or seize assets like your car or home. They can even take your Social Security payments or retirement funds. Once a levy is in place, it can be challenging to reverse without swift action.
Before issuing a levy, the IRS will send you several notices, including a Final Notice of Intent to Levy. It’s crucial to act quickly if you receive this notice because you only have 30 days to take action before the levy begins.
Common Causes of Tax Liens and Levies
Tax liens and levies are usually the result of unresolved tax debt. Several situations can lead to the IRS taking these actions:
Unpaid Income Taxes: Whether due to financial hardship, oversight, or simply not filing, unpaid taxes are the primary reason for liens and levies.
Missed Payment Plans: If you’ve previously arranged a payment plan with the IRS but failed to keep up with the payments, they may escalate to liens or levies.
Ignoring IRS Notices: Failing to respond to multiple IRS notices can lead to more aggressive collection efforts, including liens and levies.
Audit Discrepancies: If an audit results in additional taxes owed and you don’t pay, a lien or levy may follow.
At Day Tax Advisors, we understand that life happens, and falling behind on taxes doesn’t make you irresponsible—it makes you human. Our goal is to help you resolve your tax debt before it reaches the point of liens or levies.
How Tax Liens and Levies Affect Your Financial Life
A tax lien or levy can have devastating consequences on your financial well-being. Here’s how they can affect you:
Credit Impact: A lien will show up on your credit report, damaging your credit score and making it difficult to secure loans, credit cards, or even housing.
Limited Access to Funds: With a levy, the IRS can freeze or drain your bank accounts, leaving you with little access to your money.
Wage Garnishment: The IRS can take a portion of your paycheck directly from your employer, often leaving you with a reduced income that can make day-to-day expenses difficult to cover.
Seizure of Property: In extreme cases, the IRS can seize and sell your property, including your home or car, to satisfy your tax debt.
Why You Need Professional Help
Dealing with the IRS on your own can be overwhelming. The tax laws and regulations surrounding liens and levies are complex, and one misstep can result in losing your assets. That’s why having experienced tax professionals in your corner is so important.
At Day Tax Advisors, we have years of experience negotiating with the IRS and protecting our clients’ rights. We understand the ins and outs of tax liens and levies, and we know how to get results. Here’s how we can help:
Immediate Action: Time is critical when you’re facing a lien or levy. We’ll work quickly to stop or prevent collection actions before they escalate.
Negotiate a Resolution: Whether it’s setting up an installment agreement or negotiating an Offer in Compromise, we’ll work with the IRS to find a solution that fits your financial situation.
Release of Liens and Levies: Once we’ve negotiated a resolution, we’ll work to get the lien or levy released, helping you restore your financial standing.
Representation in Appeals: If you disagree with the IRS’s actions, we can represent you in appeals, ensuring your rights are protected and your voice is heard.
Tax Debt Relief Options for Liens and Levies
There are several tax debt relief options available to help you resolve your debt and avoid the long-term consequences of liens or levies. At Day Tax Advisors, we’ll evaluate your financial situation and recommend the best course of action. Some options include:
Installment Agreement: If you can’t pay your tax debt in full, we can negotiate an installment plan that allows you to make manageable monthly payments. This option can stop collection actions and prevent a levy.
Offer in Compromise (OIC): If you’re facing financial hardship, you may qualify for an OIC, which allows you to settle your tax debt for less than the full amount you owe. This option is ideal if paying the full debt would cause significant financial strain.
Currently Not Collectible (CNC) Status: If you’re unable to make any payments without affecting your basic living expenses, we can help you apply for CNC status, which temporarily halts IRS collection efforts, including liens and levies.
Penalty Abatement: In some cases, we can negotiate to have penalties reduced or removed if you can demonstrate reasonable cause for falling behind on your taxes.
Lien Withdrawal: If you’ve paid off your tax debt or set up a payment plan, we can help you apply for a lien withdrawal, which removes the lien from public records and helps restore your credit.
Why Choose Day Tax Advisors?
At Day Tax Advisors, we believe in taking a compassionate, personalized approach to tax resolution. We understand that dealing with the IRS can be scary, but with the right help, it doesn’t have to be. Here’s why working with us is the right choice:
Experienced Professionals: Our team has extensive experience negotiating with the IRS and resolving tax issues.
Personalized Solutions: No two tax situations are alike. We’ll take the time to understand your unique circumstances and craft a strategy that works for you.
Aggressive Advocacy: We’ll fight for your rights and work tirelessly to protect your assets and resolve your tax debt.
Contact Day Tax Advisors for Help with Tax Liens and Levies
If you’re facing a tax lien or levy, don’t wait to take action. Contact Day Tax Advisors today for a free consultation. We’ll help you understand your options, develop a plan, and work to resolve your tax debt quickly and efficiently. With our expertise and personalized service, you can stop the IRS in its tracks and get back on the path to financial freedom.
Don’t let a tax lien or levy ruin your financial future—call Day Tax Advisors and let us help you find a resolution.