Real Estate Agent with Keller Williams Realty 0505981

 The IRS announced and will make it easier for taxpayers to get existing liens withdrawn.

A federal tax lien gives the IRS a legal claim to a taxpayer's property for the amount of an unpaid tax debt. A tax lien can devastate a taxpayer's credit score and make it difficult for the individual to sell a home or other property that has a lien against it.

For example, the IRS often files liens against taxpayers who own little or no property, those liens damage the taxpayers' credit profile without producing any revenue for the government.

The IRS also announced that it has broadened its Offer in Compromise program, which allows taxpayers to negotiate a reduction in the amount of taxes they owe. It has been said, taxpayers with annual incomes of up to $100,000 can participate in the program, up from the previous cut-off of $50,000.

Only a small percentage of Offers in Compromise filed with the IRS are accepted. To obtain a permanent reduction in their tax debts, applicants must demonstrate that they have exhausted all resources available to pay the tax and have little hope of raising the funds.

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Resized Bannr

Office:  972-350-5021

Mobile: 214-529-9022

Comments (1)

Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

JEff....thanks for this info.  Very timely regarding my clients. 

Mar 23, 2011 05:15 PM