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IRS Liens Top 1 Million…OUCH!

January 7, 2011

IRS liens filed against taxpayers jumped 60% since the start of the national recession, according to a new federal report that urges the tax agency to moderate the collection policy and study its effectiveness. The IRS filed more than 1 million liens in federal fiscal year 2010, the highest in nearly two decades and a spike from the nearly 684,000 filed in the year ahead of the recession’s December 2007 start, according to the annual report to Congress issued Wednesday by the National Taxpayer Advocate.IRS Plaque

Although the IRS  has taken some steps to aid financially struggling taxpayers, it “has continued the trend toward more lien filings despite the worst economy in at least a generation” – with serious impact on some of those unable to pay, the taxpayer advocate report concluded. Lien filings can badly damage or destroy a taxpayer’s creditworthiness because they are picked up by the credit reporting agencies and retained on the taxpayer’s credit reports for seven years from the date the tax liability is resolved. For those with IRS liens filed against their property, that can mean it’s harder to get a job, find affordable housing or buy insurance.

I have always found handling audits for clients to be an easier process than eliminating their tax liens. Sadly the tax liens have several different entities involved including your local property tax agency. We have been succesful at GAI (www.gunwel.com), so give us a call at 212-979-6830 if you need help with any lien you may have. Gunwel Tax & Bookkeeping Service can help you with all of your financial needs. See you soon!

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