Federal & State Tax Lien Help in Schenectady
When your taxes are not paid the IRS or state tax agency establishes a lien against all of your assets (especially real estate). This gives the IRS and the state the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company could result in a seizure of your accounts receivables as well as your other assets.
Liens filed against you by the IRS or state tax agencies also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. The banks don't want the extra work when the IRS or state tax department comes in to take your property.
With a federal or state tax lien on your record you can't get a reasonable loan to purchase a car. You will also have many challenges when trying to buy or sell real estate or other assests.