Have you received a Notice of Federal Tax Lien?
If you owe more than $10,000 in back taxes, have received a demand for payment, and haven’t taken any appropriate action to resolve your back tax debt, the IRS may file a tax lien as a way of ensuring that you pay your back taxes. IRS tax liens are a matter of public record, so they’re not something you want to ignore. You may be able to remove your IRS lien with East Coast Tax Consulting Group’s tax lien help.
Once a lien is filed, your creditors are notified that the IRS has a claim against your property. The lien includes all of your property, such as your home, car, bank accounts, wages, retirement plan benefits, and even an inheritance. A tax lien withdrawal (or rescission) removes the public Notice of Federal Tax Lien and shows that the IRS is not competing with other creditors for your property. However, you are still liable for the debt.
A Notice of Federal Tax Lien may be withdrawn by the IRS before you pay your tax debt in full if:
- The notice was not filed in accordance with IRS procedures or it was filed prematurely.
- You owe $25,000 or less and make three consecutive direct debit payments on your installment agreement.
- Withdrawal would help you pay the taxes faster.
- Withdrawal would be in the best interest of both you and the government.
A federal tax lien release means that the lien is no longer attached to your property. Public records will be updated to reflect the IRS lien release. The IRS will release a tax lien if your back taxes are paid in full, the period during which the IRS is allowed to collect your unpaid taxes has expired, or you completed the terms of your Offer in Compromise.
If you have received a Notice of Federal Tax Lien, it’s time to develop a plan for removing your IRS lien. Let our team of experienced CPAs help you find the best solution to resolve your back tax debt, with your personal goals and needs in mind. Contact East Coast Tax Consulting Group to determine the best tax lien help for your unique circumstances.