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IRS Tax Lien, Federal & State Tax Liens, Property Tax Lien, IRS Tax Lien

An IRS tax lien is a method through which the IRS imposes collection of delinquent federal taxes. The IRS files a tax lien against all of your assets. The tax lien puts you, your creditors and any potential future creditors on notice that you owe the IRS for back taxes. The IRS tax lien can damage your credit, and can cause prospective creditors to refuse you a loan. After IRS tax lien is filed, it is not possible to get rid of the lien without IRS cooperation. What’s worse is that the IRS can impose the tax lien by selling your assets to pay off the delinquent taxes. So if you are already behind your tax payments, you need to thoroughly understand an IRS Tax Lien.

How can you remove Federal Tax Liens?

The best solution to resolve a federal tax lien is to clear the tax debt and get the lien released. This can be done by making a direct payment or by adjusting pending refunds. The IRS will release the lien within 30 days of the payment of the full tax amount that’s due including interest and penalties. If you are having problems paying the entire amount, you can request for installment payments. Once you reach an installment agreement, you can request for release of lien which may or may not be accepted by the IRS.

Facts about a Federal Tax Levy

There are 2 types of levies that the IRS can choose to implement: wage levies and bank account levies. In case of back taxes, the IRS can levy your wages, as well as your retirement income, social security benefits and other bonuses. Paying all taxes that are due in full and a levy release are your only alternatives to end wage garnishment. A bank account levy is the IRS's second main technique of collecting tax debts. This method allows the IRS to seize all of your money in any of your bank accounts. A financial institution and will only forward to the IRS funds that are in the account the day that the levy is enforced. Supposedly, if the bank gets the levy notice on a Monday and you deposit a check on Thursday, the IRS has no right to the money deposited on Friday unless they have enforced another levy.

IRS Debt Settlement

Much incorrect advice is given in the area of IRS Debt Settlement. Resolving your tax problems includes a solution consisting of a specific payment plan. The application for this plan is called Form 9465, Installment Agreement Request. The IRS usually approves your proposed plan if you owe less than $10,000, and if your plan includes tax settlement within three or less years.

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