A loan for businesses that need working capital and have unpaid federal or state liens without a payment arrangement. Proof of payment arrangements are not always needed. Your business can get a business loan even with an open tax lien and no payment arrangement. So act now and resolve your business back taxes today.
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Open tax lien business loans
Program # 1: Business funding based on the assets of the business. If the business has over $10,000 per month in sales, they may be able to get a business loan based on their sales.
Commercial real estate with equity can also be used to payoff the open tax lien. At closing the tax lien is paid off from the proceeds of the loan. Another option is to use business equipment. Get capital based on business equipment. Use the funds to payoff the tax lien.
Business loans with an IRS payment plan
There are several business loans that can be obtained for a business with an IRS tax lien that has a payment plan. A business can use the revenues of the business or the hard assets of the business. This can be Real Estate or Equipment.
Business loans without a payment arrangement with the IRs.
A business that has a tax lien without a repayment plan can be financed. Businesses needing immediate help can now quickly use their revenues or assets to get working capital or a business loan. The process is fast and easy. Up to 5 to 10 business days and just a one page application.
Finally, other sources of information related to tax liens may be found at the SBA small business administration site.
Faq, frequently asked questions on business tax liens and open tax liens
What is an open tax lien?
An open tax lien is a lien that has been filed by the irs or state government against a person or business that does not yet have a payment plan approved for repayment.
Can I get a business loan with a tax lien on my credit bureau?
There are several business loan options for businesses with a tax lien. In some cases an open tax lien can be approved and funded. The lien can be paid off at closing. Funding options available to payoff tax liens loans are based on the cash flow of the business and against real estate or equipment assets.
Do I have to have a formal OIC offer in compromise before I can get a business loan?
A formal oic offer in compromise is better to have but not required in many cases. If real estate and equipment assets are used then you may not have to have a signed offer in compromise. If you do not have a formal offer in compromise and the amount you owe is low, then you may still be able to get approved for a business loan.
How do I know if I have a tax lien against me or my business?
There are several ways to determine if you have a tax lien filed against you or your business. If a lien has been filed against you by the state or IRS then you should have received a letter confirming that. If you think a state or federal lien has been filed against you then call the IRS or state tax department to confirm.
A state or federal tax lien will likely show up on your credit bureau. You can check your credit bureau to see if a lien has been filed. If you do not see a lien on your credit report it is not a guarantee that a lien has not been
Why should I pay a tax lien if it has already been filed and has damaged my credit?
Many lenders will not approve a business loan if you have a tax lien on your credit, most especially banks. Any other companies you do business with may be more reluctant to enter into a contract with you if you have a large tax lien on your credit. They believe that if you do not meet the IRS requirements then your business could be impacted in a major way and affect your company’s ability to perform the contract.
Can I dispute a tax lien and then apply for a business loan while it is in dispute?
You can dispute a tax lien. However, if you do not have all the paperwork to support you dispute then disputing it will not be your best choice. If you think the figures the state or the irs has are approximately correct then a settlement will probably be a much better choice. A settlement is the best choice if your income
has gone down since the time you got behind on your business taxes. If business revenues and your personal income have gone down then you cannot afford what you own. The irs may consider you uncollectible on the full amount owed and will likely consider a settlement. Provide your recent income information and get a settlement with the irs in an offer in compromise. When you have that then apply for a business loan.