If you receive a Notice and Demand for Payment from the IRS, the 10-day countdown begins as to what could potentially be one of the biggest financial nightmares one can face – a lien on your property by the IRS. When a lien is placed on your property, all of your creditors are notified that the government now has a claim against your property. Not only does the presence of a lien seriously damage your credit rating, but it greatly hampers your ability to sell your property.
If you filed your taxes but haven’t paid what you owe, you should be on the lookout for a document titled Notice and Demand for Payment from the IRS. It’s like the IRS has a countdown timer with exactly 10 days left on it, and it is their way of warning you that they’ve just started the countdown.
After this first document is mailed, the IRS begins mailing a series of five more documents that will arrive over the next 10 days.
If you choose to ignore these warnings, it will virtually guarantee that you will ruin your credit and make selling your house at the best difficult, at the worst, impossible. You also will not be able to get your children any financial aid for college.
If you receive a Notice and Demand for Payment from the IRS, do not hesitate to take action. You need help. You may be scared to open that letter. But we am not. A serious situation like a tax lien calls for serious intervention. Don't ignore the IRS and turn a hiccup into an aneurysm. Contact us. We're here to help.
