A tax lien is a claim used as security towards or payment for taxes owed. The filing of a tax lien serves as a public notice to your creditors that the taxing agency has a claim on property that is in your name, including properties acquired after the lien is filed. Such property can include your house, car, and bank accounts.

A tax lien may be withdrawn or released under certain circumstances including:

  • Full payment of all taxes owed, including interest and additional fees.
  • Acceptance of an offer and compromise and full payment of the offer amount.
  • Withdrawal allows for faster collection.
  • Best interests of both the government and taxpayer.
  • The taxpayer was not given the appropriate opportunity to dispute the assessed liability.

Your credit rating may be impacted when a tax lien is filed. To limit the damage to your credit rating and protect your assets, resolve your tax lien problems as soon as possible.

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