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Tax Liens - IRS Tax LienThe IRS or other state taxing authority can make your life miserable by filing a federal tax lien against you. • Federal Tax Liens are public records that indicate you owe the IRS various taxes. • They are filed with the County Clerk in the county from which you or your business operates. • Because they are public records they show up on your credit report. • This often makes it difficult or impossible for a taxpayer to obtain financing on an automobile or a home. • Federal Tax Liens also can tie up your personal property and real estate. • Once a Federal Tax Lien is filed against your property you cannot sell or transfer the property without a clear title. • Liens can only be Released, Discharged, Subordinated or Removed. • A Release of lien occurs after the underlying tax liability has been satisfied in full, via a monthly payment plan or by paying it outright in a lump sum, or via an accepted and paid Offer in Compromise. Most Liens are generally self-releasing after 10 years, if they are not re-filed by the IRS for another 10 years. • A Certificate of Discharge of a lien is generally used when selling real property and the IRS normally is paid in full with the sale proceeds. • A Certificate of Lien Subordination is generally used in re-financing real property, allowing the re-financing of the property transaction to occur under certain situations. • The IRS will only consider the removal of a lien in rare cases where they admit they made an error by filing the Notice of Federal Tax Lien in the first place. • Often taxpayers find themselves in a Catch-22 under IRS liens where they have property that they would like to borrow against, but because of the Federal Tax Lien, they cannot get a loan. • Tax Resolution Services, Co, specializes in assisting clients in having their federal tax lien issues resolved once and for all. For more information, check out our Frequently Asked Questions and IRS Guidelines for IRS Liens. Read our blog articles about an IRS Tax Liens: |
