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Tax Liens Archives

Can a business have a federal tax lien removed?

Running a Massachusetts business means that a person has to pay attention to every cog turning to ensure operations run smoothly. Of course, without the right help, some entrepreneurs may miss something vital, including paying certain taxes. If this happens to a serious extent, some business owners could end up facing a federal tax lien against their personal or business property.

Facts about IRS-issued tax liens

A lien, by definition, is a creditor's right to take a debtor's property until that individual's debt is paid off or discharged. A lien can be issued for any form of debt, including federal income taxes. Massachusetts residents who find themselves behind on their tax payments may find the government swooping in to seize their property if they do not take the steps to address the situation as soon as possible.

That tax lien could keep you from a better financial position

It would probably be safe to say that no Massachusetts resident wants to owe money to the IRS. A person's life can quickly become difficult with all of the power the agency has to deal with past due taxes. For instance, a tax lien can easily keep people who owe back taxes from working toward a better financial position.

Does the IRS immediately file a tax lien when people can't pay?

Fortunately, the easy answer to that question is no. The IRS will not immediately file a tax lien against an individual who cannot pay his or her taxes. Boston residents who cannot financially meet this obligation may find a way to avoid such liens as the collection process proceeds.

Can tax liens affect business finance options?

Imagine this: a while back, your business was having some cash flow problems and you got behind on your taxes. You weren’t able to make an offer in compromise or cover the taxes in the timeframe requested by the IRS, so they put a tax lien on your business assets. Fast forward to today, when you are trying to raise capital to grow your operation. Will that tax lien make it impossible to secure financing?

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