Is this a tax lien?

Discussion in 'Credit Talk' started by Killer, Jan 12, 2001.

  1. Killer

    Killer Guest

    Exactly what is a tax lien?
    Do they automically appear on your CR?

    I learned today that I am going to owe the IRS a large sum of money (new 2nd job and didn't withhold enough). I don't have all the money. My tax service stated that IRS will allow me to pay via a monthly payment plan. They also stated that as long as I pay the agreed monthly amount, my wages will not be taken. Is this true? I know the IRS has a high interest rate. Does anyone know the exact amount? Finally, they told me that I can choose the monthly amount I want to pay, it can be small or large. Is that true?
  2. Momof3

    Momof3 Well-Known Member

    From what I know (audited last year, yes they do attack the little people) Anyway you can set up a payment plan with them and I don't believe a lien will be placed on your report, this is only if you did not make payment arrangements. I have been in contact with a great tax person at another site I can give you her name if you want and she may explain this all better than I. Just let me know okay??

  3. Killer

    Killer Guest

    Thanks! Yes I would like to know how to contact her. Please e-mail me if you like or you can post the information.
  4. roni

    roni Well-Known Member

    Yes, it is true. I asked a tax guy about this recently. It is a tax lien when you dont pay the gov. They put a lien on your return. They also put a lien on if you dont make the payments on back taxes.
    He said the interest rate was high but didnot say how much. You also may owe penalities for lateness.

  5. sam

    sam Well-Known Member

    It takes about 4-6 years for the government to catch up with you and place a tax lien. They will work and work and work with you to get it paid off.
  6. Momof3

    Momof3 Well-Known Member

    But if he make payments, it is still reported as a lien??
  7. roni

    roni Well-Known Member

    No momof3. Where are you getting that from. Tax lien is only if you dont pay. They put a lien on your future earnings like your tax return.

  8. Momof3

    Momof3 Well-Known Member

    Emailed you, let me know if you need anything else? She is great she make take a day to respond but she knows her stuff:)

  9. Momof3

    Momof3 Well-Known Member

    Sorry I thought you were saying yes the tax lien is true. DUH I thought it wasn't I can't see I have had my contacts in all day LOL

  10. marvin

    marvin Well-Known Member

    I'm not positive, but depending on the nature of the lean, you may be able to negotiate the amount owed if you are not able to pay all of it. I would definitely talk to a tax advisor to find out for sure
  11. roni

    roni Well-Known Member


    email that to me too. You remember I was dating my accountant who does my taxes, but I think I have to cut him loose.

  12. Kelly

    Kelly Well-Known Member

    You may make installments (form 9465 Installment Agreement Request)

    I've done it

    Don't worry

  13. roni

    roni Well-Known Member

    all this action on the board h

    probably fogged them up.

  14. Killer

    Killer Guest

    Thanks Mom and everyone else too.
  15. Cindy

    Cindy Well-Known Member


    If I may chime in on this one, I am currently paying the IRS for a stoo-pod mistake I made a couple of years ago. I am not sure about the interest rate. I just did not want to get in deep doo-doo with the IRS. I called our local office here in Atlanta and spoke with a very helpful gentleman (I must admit I was surprised) who helped me set up a payment plan. (Mine is $50/month, BTW...I should have it paid off this year. They also take your refund, if you have one coming, and apply it to any outstanding debts). I also did the same thing with the State of GA.


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