IRS Federal Tax Lien Release – Immediate Tax Relief Former IRS Tax Experts
There are different ways to get a Federal Tax Lien Released. Call us today for a no cost consultation and find out the fastest way to release your Federal Tax Lien.
Federal Tax Lien.
IRS files 975,000 Federal Tax Liens each year. That amount is expected to sharply rise in the near future as millions of taxpayers are continuing to be in debt with the IRS.
The filing of a Federal Tax Lien financially cripples taxpayers and ruins their financial lives for up to ten years. It is best to get your Federal Tax Lien Released as soon as possible.
Some of the ways a Federal Tax Lien can affect you.
1. Your Assets. A Federal Tax Lien attaches to all of your assets and to future assets acquired during the duration of the lien. This includes cars, boats, anything your own.
2. Your Credit. Once the IRS files a Notice of Federal Tax Lien, it will limit your ability to get credit and the filing of the Federal Tax Len will be a permanent part of your credit record.
3. Business. The lien attaches to all business property and to all rights to business property, including accounts receivables.
4. A Federal Tax Lien is filed at the courthouse where you reside and puts the public on notice that you owe the IRS back taxes.
Federal Tax Lien vs. Federal Tax Levy
A Federal Tax Lien is not a Federal Tax Levy or Garnishment. They are very often confused. A Federal Tax Lien secures the government’s interest in your property when you don’t pay your tax debt.
A levy or garnishment actually takes the property to pay the tax debt. If you don’t pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in. Most Federal Tax Levy’s are in the form of a bank levy or wage garnishment.
How to get your Federal Tax Lien Released
1. The easiest way to get your Federal Tax Lien Released is to pay the tax in full. Once paid the IRS will release the federal tax lien within 30 days and you will have immediate tax relief.
2. Discharge of Property. This allows property to be sold free of the lien.
3. Subordination of the Federal Tax Lien. While this does not remove the federal tax lien, it does allow other creditors to move ahead of the IRS, which may make it easier to get a loan or mortgage.
4. Withdrawal of the Federal Tax Lien. Removes the public notice and assures that the IRS is not competing with other creditors for your property. If applying for a withdrawal, use Form 12277.
5. Enter into an IRS Installment Agreement. If you owe under $50,000 and you have filed all your tax returns the IRS can release the Federal Tax Lien. IRS will ask for a direct deposit into the IRS system and IRS can and will release the Federal Tax Lien after 3 payments are made.
6. Find out if the statute of limitations has expired on the tax years involved. The IRS has a 10-year period of time in which they must collect the taxes. The 10-year period starts when the IRS makes on assessment on the IRS computer.
This process usually takes 6 weeks after the returns are filed. If the statute period has expired, the lien is automatically released by statute, but the IRS will not send out a release. You will have to formally ask them for a copy of the release.
Call us today and speak directly to a Tax Attorney, CPA and Former IRS agent and get tax relief from your Federal Tax Lien.