Charity Silent Auctions ideas – Selling Items Donated Versus Consigned
You Didn’t File…and now you owe thousands in back taxes. So what happens now? Well, chances are the IRS has been sending you letters trying to collect on their money. They may not seem very important, and you won’t know the severity of the situation until you get the Final Notice. If you’ve gotten a Final Notice and they’ve talked about implementing a tax lien, you’re situation just took an extreme jump from bad to worse.
How Bad is It? The notice told you that you ideas for silent auction have ten days to either pay the debt in full, or set up a payment arrangement. As a former IRS-Hitman, chances are good that by the time you get that notice, the lien has already been put into effect. For all intents and purposes, you should pretend your first letter in your final notice. But if you’ve already gotten that final notice, here’s what to expect:
Bye, Bye Credit: The most common lien is one that’s place on your credit. The IRS knows how to hit you where it hurts and they’re going to do just that. This is like having a black spot of death on your credit. Not only does it make it nearly impossible to do anything involving credit (take out a loan, refinance your mortgage, buy a new car, etc.) but it practically destroys your credit in the future. You could easily go from having a 750 credit score to a 500, just from having a tax lien.
Your Assets are in Trouble: The IRS can also place a lien on any of your assets such as your house or your car. Mostly, this lien is saying that the IRS is holding the ownership of the asset. But the longer you go without resolving your debt, the closer the IRS gets to turning a lien into a seizure. When this happens, they seize the property entirely and sell it in an auction in order to pay the debt. Trust me; the IRS has no problem putting people out on the street if it means getting their money.
Make it Stop: A tax lien can be removed. But depending on your situation it can be difficult. Not to mention that if you are going to have a lien removed, you must of course set up some form of payment to the IRS. The best way to do this is to seek professional help. Look for a resolution company with an excellent track record. They will be able to help you resolve you issue so you don’t have to worry about bad credit or worse, no place to live!