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How to Get Your Federal Tax Lien Released – 10 Golden Tips
Once the federal tax liens have been filed, the next draft attempts to have them released. Last year, approximately 950,000 liens were filed by the Internal Revenue Service. This number is expected to rise sharply. Most taxpayers are clueless and have many misconceptions about how to get federal tax liens released. Here are 10 golden tips that encompass almost every avenue for obtaining release from the dreaded federal tax lien.
1. Make sure you really owe the tax and that the tax imposed is the correct amount. Don’t assume what the IRS says you owe is correct. Compare your tax records with the actual notice from the IRS. If you have not filed your own tax return, the IRS may have filed a substitute filing, an SFR. Typically, the amount the IRS assesses is much higher because it only gives you the standard deductions. When this happens, complete a correct tax return and send it to:
ASFR Fresno Campus
Unit shutdown 81304
Fresno, CA 93779
This unit of the IRS processes the tax return now filed by the taxpayer. When filing the new tax return, send a cover letter requesting a “reconsideration.” It may take up to 3-5 months, so be patient.
2. Pay the full tax as soon as possible. This is the fastest way to release the federal tax lien. If you pay with a cashier’s check, the IRS will immediately release the federal tax lien if you enter a local office. Be sure to get a copy of the lien release and find out when the IRS will send a copy to your local courthouse. You’ll also want to check with the credit reporting agencies within 30 days to make sure they’ve posted the satisfaction of the release on your credit report.
3. File an Offer in Compromise if in doubt about collection capacity. Repay the terms of the offer in compromise and the IRS will release the federal tax lien once the offer is paid in full and all conditions are met.
4. Find out if the statute of limitations has expired on the affected tax years. The IRS has a 10-year window in which to collect taxes. The 10-year period begins when the IRS performs an assessment on the IRS computer. This is usually 6 weeks after the declarations are filed. If the statute period has expired, the lien is automatically released by statute, but a release will not be sent by the IRS. You will need to formally request a copy of the waiver from them. If you would like a paper copy of the federal tax lien release after the law expires, fax your request to:
IRS Centralized Lien Releases
5. Ask for a bond. The cost of the bond is very expensive, but the IRS will release the federal tax lien once the bond is released to them. A bond is generally equivalent to payment of the federal tax lien.
6. Don’t let the federal tax lien be filed in the first place. When the Notice of Intent to File is sent to you, call the IRS and request a hearing. This will at least delay the possible filing of the federal tax lien. You can give them reasons why the filing of the lien should not occur.
7. If there are special circumstances that would cause difficulties due to the filing of the federal tax lien, notify the IRS of the situation. Difficult situations can change the circumstances of most cases. The IRS will give due consideration to certain conditions.
8. Contact the Office of Taxpayer Advocates if you think there is something wrong with the filing and you want the IRS to look into the situation. The Office of Taxpayers’ Advocates is here for you. Go to IRS.gov for the nearest office.
9. If you realize you made a mistake on your own tax return and the liability is incorrect, file an amended tax return so the IRS can correct the issuance of the federal tax lien.
10. A professional tax resolution firm is your best bet to help. A good tax resolution company with seasoned professionals can solve these problems.
As a follow-up note, the federal tax lien is very detrimental to your credit score. Most lenders will not lend with the presence of the federal tax lien. Do your best to never have the federal tax lien filed.
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