What does NFTL mean in TAX
A Notice of Filing of Tax Lien (NFTL) is a public notice by the IRS that informs creditors and other entities that a taxpayer has unpaid taxes. According to the IRS, this type of lien is issued when a taxpayer does not pay their taxes after notification by the government, or if the balance is discharged in bankruptcy. The notice is filed with the county recorder's office where the taxpayer lives and/or works and can remain active for up to ten years.
NFTL meaning in Tax in Business
NFTL mostly used in an acronym Tax in Category Business that means Notice of Filing of Tax Lien
Shorthand: NFTL,
Full Form: Notice of Filing of Tax Lien
For more information of "Notice of Filing of Tax Lien", see the section below.
Essential Questions and Answers on Notice of Filing of Tax Lien in "BUSINESS»TAX"
What exactly is an NFTL?
A Notice of Filing of Tax Lien (NFTL) is a public notice by the IRS that informs creditors and other entities that a taxpayer has unpaid taxes.
What are the consequences of an NFTL?
If an NFTL is issued, it can affect your credit score as it will remain on your credit report for seven years. Additionally, your creditworthiness may be affected if creditors see that you have an outstanding debt with the IRS.
How long do NFTLs remain active?
An NFTL can remain active for up to ten years from when it was filed with the county recorder's office.
How do I know if there's an NFTL against me?
You can contact your local county recorder's office to view any available records pertaining to an existing Notice of Filing of Tax Lien against you. Additionally, you may be able to check your credit report for any sign of such lien from any major credit reporting agency.
Is there anything I can do if I have an NFTL filed against me?
Yes, you should contact a tax professional immediately so they can help you understand how much money you owe in taxes and work towards resolving your debt with the IRS.
Final Words:
Receiving a Notice of Filing of Tax Lien can feel overwhelming and burdensome, but there are measures one can take in order to remedy this situation. Understanding what an NFTL is, as well as its consequences and options available to mitigate it are key steps towards achieving financial stability.