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How to Remove an IRS Tax Lien with Priority Tax Relief

How to Remove an IRS Tax Lien with Priority Tax Relief

What is an IRS Tax Lien?

An IRS tax lien is a legal claim on your property, including real estate, personal assets, and financial accounts, imposed by the Internal Revenue Service (IRS) when you have unpaid tax debts. It serves as a security interest for the government, ensuring that they have a claim on your assets until your tax debt is fully paid.

The Impact of an IRS Tax Lien

The consequences of an IRS tax lien can be significant:

  • Credit Score: A tax lien can negatively impact your credit score, making it challenging to secure loans or credit in the future.
  • Asset Seizure: In extreme cases, if the tax debt remains unpaid, the IRS can take possession of and sell your assets to satisfy the debt.
  • Financial Stress: Living under the shadow of a tax lien can cause immense financial stress and affect your overall well-being.

A Guide in Removing a Tax Lien

Removing an IRS tax lien is a complex process, but it’s entirely achievable with the right approach.

Here's a step-by-step guide to help you navigate this challenging journey:

Step 1: Verify the Lien

Before taking any action, ensure that the IRS tax lien is valid and accurate. Mistakes can happen, and you don’t want to go through the removal process unnecessarily.

Step 2: Pay Your Tax Debt

The most direct way to remove a tax lien is by paying your tax debt in full. Once paid, the IRS will release the lien within 30 days.

Step 3: Set Up a Payment Plan

If paying the full amount at once isn’t feasible, you can establish a payment plan with the IRS. Compliance with the plan will eventually lead to the release of the lien.

Step 4: Apply for a Discharge of Property

In some cases, you may be able to remove the lien from a specific property if it hinders a sale or refinance. This is known as a "discharge of property."

Step 5: Apply for a Subordination

A subordination allows other creditors to move ahead of the IRS in priority, making it easier to secure a loan or mortgage. It doesn’t remove the lien but can provide more financial flexibility.

Step 6: Explore the Offer in Compromise (OIC)

An Offer in Compromise is a settlement option where you pay a reduced amount to satisfy your tax debt. If accepted by the IRS, this can lead to the removal of the lien.

Conclusion

An IRS tax lien can cast a long shadow over your financial well-being, but it’s not a life sentence. With the right steps and the support of Priority Tax Relief, you can navigate the process of removing an IRS tax lien and pave the way to financial freedom. Remember, you don’t have to face this daunting task alone. Reach out to Priority Tax Relief today and take the first step towards a brighter financial future.

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FAQs

 The simple answer is no. A business and a person are completely separate, thus, any personal tax debts or liabilities should not affect your business.

Tax debt can be an exhausting and complicated thing to deal with on your own. Communicating with the IRS and professionally handling your tax liabilities are just two of the services companies like Priority Tax Relief can offer.

No. The IRS’s Innocent Spouse Relief protects you from paying these additional taxes. However, this does not relieve you from household employment taxes, business taxes, individual joint responsibility payments etc. Priority Tax Relief helps you learn more about innocent spouse relief.

The most popular option to date would be an Offer In Compromise (OIC). At Priority Tax Relief, we help tax relief help become more accessible to taxpayers in need and help them understand how they can qualify for these options.

IRS tax liens are legal claims on your property when you do not settle your tax debts. The IRS usually sends out a notice when no payment has been made after a liability assessment. Find out more about tax liens with Priority Tax Relief.

Yes. Not only can the IRS put a claim on all your current property, tax liens can also affect any property or intangible or tangible assets that you obtain in the future. At Priority Tax Relief, we help you understand federal tax liens and how to communicate with the IRS.

 

Tax levies are the actual seizure of your property and are different from legal claims or tax liens. Settle your taxes before the IRS sends out a notice. Priority Tax Relief helps you understand tax levies and how you can avoid them.

Yes. Not only can they seize physical property but they can also legally take hold of the money in your bank account and other wages. To avoid this from happening, contact Priority Tax Relief now.

Your debt will, unfortunately, continue to grow and you will possibly lose a great number of your assets. It is definitely a scenario we do not wish to see happen to anyone, that’s why Priority Tax Relief makes sure that our help becomes within reach.

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