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Release Tax Lien
“Just like Spiderman’s web, IRS tax lien works like a net or web that sticks and entangles all your assets.” Victor J. Yoo, Los Angeles Tax Attorney
A Tax Lien is used by the IRS as a tool for security towards or payment for income tax owed the federal government. The filing of a tax lien serves as a public notice to your creditors that the IRS has a claim on property that is in your name, including properties acquired after the lien is filed including your house, car and bank accounts.
Releasing your Tax Lien
IRS may issue a Withdraw or Release filing of the Notice of Federal Tax Lien under certain circumstances including some of the situations listed below:
- Taxpayer has fully paid all taxes owed, including interest and additional fees.
- Taxpayer has successfully negotiated and paid the lower amount of taxes by method of an Offer in Compromise.
- IRS accepts a bond that the taxpayer submits that serves as a guarantee of payment of the debt.
- Tax lien releases automatically10 years after a tax is assessed if certain conditions are met.
- You may apply for release of a tax lien by completing a Certificate of Discharge, in the event that you sell a home or other property.
- The notice of Federal Tax Lien was filed too quickly or in violation of IRS procedures.
- Withdrawal will allow for faster collection of the tax.
- Withdrawal would be in the best interest of both you and the government.
- If the taxpayer was in bankruptcy and the IRS assessed the tax and filed the lien, even though those in bankruptcy are allowed an automatic stay.
- IRS made an error of procedure in an assessment.
- Taxpayer was not given the appropriate opportunity to dispute the assessed liability.
Your credit rating may be affected upon a lien being filed. You may be denied a loan to buy a car or a house, the ability to sign any type of lease, or a new credit card. In order that damage to your credit rating is as little as possible, you need to resolve your tax lien problems as soon as you can. Contact us by e-mail or by telephone at (888) 553-8000.