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Richardson TX - How To Get Rid of an IRS Tax Lien
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt problems, IRS Liens are often the major issue they are working to resolve, and taxpayers want to know how to get rid of an IRS lien.
As mentioned in a previous blog, there are two types of liens –
General or “Silent Lien” – automatic by statute. No one including the taxpayer is notified. A Notice of Federal Tax Lien (NFTL) – publicly filed
The NFTL is what causes pain to the Taxpayer, harming their ability to access credit and transfer assets. The IRS is permitted to file an NFTL on tax debts > $10,000 and typically does. When an IRS lien is filed, in most cases, unless the tax debt is paid off, the lien remains.
Here are a few ways to have a lien discharged or released –
Pay the tax debt off in full, File and complete an Offer-In-Compromise, With a direct debit installment plan, if the IRS is owed less than $25,000, and the debt will be repaid within 60 months, after 3 consecutive payments, a taxpayer can request discharge using Form 12277. Consider the option of paying down the debt to $25,000 and ... more
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