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A tax warrant is a legal action that can be brought against you by the state or federal government if you fail to pay your taxes. Also called a lien, the warrant is a public record that allows the government to claim your personal property or assets to satisfy the unpaid taxes. If you have unpaid taxes and have received notification of a tax warrant, here’s what you need to know.
If you do not agree with the amount of assessed tax, contact your local IRS office immediately. Collections action will be delayed until it processes your appeal. You should also contact the IRS right away if you are currently filing for bankruptcy. Although your debt will not be discharged, it will be taken into account by the bankruptcy court. Collection actions will also be suspended during bankruptcy proceedings.
If you are unable to pay the amount due, you can enter a payment plan. You will not be subject to IRS collections actions if you are making a good faith effort to pay as agreed in installments. You can apply for a payment plan online.
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Another option is an offer in compromise, in which the IRS agrees to settle your back taxes for less than you owe. This is rarely approved, but may be an option if you can show you do not have the assets and income to pay the back taxes in question and that paying the full amount would create undue economic hardship.
You can also request that the IRS note your account as currently not collectible (CNC). This means you are unable to afford any payments at this time. This does not necessarily prevent you from receiving a tax warrant, however.
You also have the right to request a collections due process hearing with the IRS Appeals Board. This is especially important if you have received notice of a lien or levy.
A tax warrant is a public record that is attached to all your current and future assets. You will be unable to sell or refinance these assets while the lien is in effect. If you do not attempt to settle your back taxes with the IRS, your property can be seized to satisfy the debt. This could include your home, vehicle, and/or savings and retirement accounts.
Having a lien on your record will also lower your credit score. This can impact your ability to qualify for a mortgage, car loan, or credit card. When creditors become aware that you already owe money to the IRS that you are unable to pay, they will be wary of your ability to pay back an additional loan.
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Solvable is compensated by some of the companies seen on our website. Most often, Solvable receives fees when one of our readers clicks, fills out a form, applies for, or receives a financial product from one of our partners. We also earn fees for capturing consumer stories and writing about them, displaying advertising, having our partners sponsor certain parts of the site, and writing content that may be relevant to our partner and their audience. This compensation may impact where products appear on this site, including article pages, comparison listings, the order in which they appear or if they will even appear on a given page, and our matching recommendations. Solvable has not written about, reviewed, or rated all financial products available to consumers.
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