Tag Archive for Tax Lien

How Can You Remove An IRS Tax Lien?

What is a Tax Lien?

The Internal Revenue Service frequently files tax liens (federal) against taxpayers with unpaid tax obligations. Federal tax liens are documents that are filed with county governments (often where the relevant taxpayer lives or conducts business) informing the public that the taxpayer owes money to the IRS.

Liens are attached to a taxpayer’s property (both personal property and business property). This means that the IRS will have first dibs on the proceeds of your property such as your home or car. The tax lien can also impair your crediting rating.

However, the good news is that you can remove the IRS lien by following these strategies.

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Written by | Posted in IRS • Lien • Tax Debt • Tax Lien

Releasing A Federal Tax Lien From The IRS – A Step by Step Guide

Fortunately I graduated from providing this service for hire preferring to refer all tax collection work to a handful of trusted friends and advisers consciously choosing (bless their hearts) to focus solely on Section 6325(a) of the Internal Revenue Code that directs the release of a Tax Lien after a liability becomes fully paid or legally unenforceable. Contact me directly for a referral to my A team!

My preference though is to empower you to try this yourself first!

Where the real margins are made in this line of work I am told is in the fact that the IRS must release a lien when they accept a bond for payment of the tax. That’s where Guido and Luigi come along making offers too good to resist, so tread lightly. Read More

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Whether They Are Old Taxes Or New Taxes, The IRS Is Still Looking To Collect From Sharpton

The Rev. Al Sharpton lately has come into prominence as an imposing figure as men in power lined up to exclaim their admiration for him. Mayor Bill de Blasio and Gov. Andrew M. Cuomo hailed him as a civil rights icon. President Obama sent an aide to read a message commending Mr. Sharpton’s “dedication to the righteous cause of perfecting our union”.

But despite this rise in power Mr. Sharpton has apparently sidestepped the inevitable obligations to pay taxes as public records show more than $4.5 million in current state and federal tax liens against him and his for-profit businesses.

During a news conference at the headquarters of his National Action Network in Harlem, Read More

Written by | Posted in Federal • IRS • State Tax

IRS Liens And Levies

IRS tax liens and tax levies – these are words often used mistakenly to refer to each other, and are often equally dreaded by those who’ve failed to pay their taxes in full. But in effect, they are different.

What Is a Tax Lien?

A lien is basically a provision to secure the rights to the property of the defaulting taxpayer – it does not involve seizing the property which a tax levy would do. The IRS files a lien when it sniffs potential issues it could face in collecting the tax amount from you. The lien notice is then entered into the files of the office of the public records and gets tagged to whatever property you own. The money you get when you sell that property will go towards the lien. The worst part is, unless the lien is satisfied it will be on your credit report, which Read More

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The Power Of The Federal Tax Lien

A lot of people get confused between Tax Liens and Tax Levies – let us break this down for you.

A lien is not a levy. A lien secures the government’s interest in your property when you don’t pay your tax debt. A levy 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.

When would the IRS file a Federal Tax Lien?

The IRS will file a lien when the agency feels there is a chance that collection is in peril. It does not just grab your assets. Filing of a tax lien is normally dictated by the dollar Read More

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Liens and Levies: Keeping Your Clients Options Open – Part 7

Taxpayer’s Other Payment Options

We have mentioned other payment options throughout this post. We are going to put them together here.

Determining other payment options for your client takes serious research, compilation of records and information, and then sitting the client down and having a coming to reality meeting with them. This is where we help them decide on some of those option I mentioned earlier:

1. The Fresh Start Initiative – Full Pay Installment Agreement or Partial Pay Installment Agreement Read More

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Liens and Levies: Keeping Your Clients Options Open – Part 6

Getting a Lien/Levy Released

Once a taxpayer has a lien or levy in place (isn’t this where we usually come in?), the representatives primary job is to try and get the lien/levy released. There are many ways to do this. First and foremost is to get the taxpayer to pay the balance due, assuming we have determined he actually owes it.

Liens are usually “self-releasing” after the CSED date has passed. When the IRS files a lien the Form 668Y, Notice of Federal Tax Lien, has a section to let the party the lien is filed with the release date. If the CSED is extended for some reason after the filing of the Form 668Y the IRS will re-file the Lien with a new release date. Read More

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