Federal tax lien is when the IRS legally claims against your property, which includes your real estate and other assets because you are due on your taxes. If you do not have proper tax lien assistance, the thing that could come next is the tax levy. This is when the IRS actually seizes your property to pay taxes that you owe. This is not the only impact of having a tax lien, there are many other after effects that are in line for you if you have a tax lien in the books. Your trustworthiness will also potentially take a nosedive. Once the IRS files federal tax lien, it will take up a lot of your time to square things up with the IRS as overdue tax payers have to spend a lot of time on hold with the call caterers or in-person visit to a revenue officer. Here are some tips that can help you get rid of your tax lien. Read on.
Pay Your Tax Bill
This may sound obvious, but in most of the cases, paying your back taxes is the only way to stop the tax lien or tax levy. It is most important to keep in mind that communication is the key to get rid of a tax lien. If the IRS asks for something, it is advisable to comply and cooperate for quick resolution and IRS lien withdrawal. You can always reach out to a tax lien attorney to better assist you throughout the process and take care of communicating with the IRS.
Opt for an IRS Payment Plan
When you have overdue tax amount, it will accrue some interest and penalties until you pay off your taxes. You may allow the IRS to take three consecutive payments from your bank account. This way you may convince the IRS to withdraw the tax lien from the public ledger. Of course, you still have to pay your tax debt. This is called a direct debit instalment agreement.
Go for an Offer in Compromise
You can ask the IRS for an offer to settle your tax dues for less than the actual amount. There are plenty of rules to be followed for that. If you want even to be considered, you need to file all your tax returns and estimated tax payments for the current years. Also, if you have filed for bankruptcy, you will not be considered for any such compromise. To better understand if an OIC is suitable for you, consulting with an IRS tax attorney is your best bet.
End Note
Tax lien can prove to be very pricy if you don’t avail proper tax lien assistance on time. While you can always reach out to the IRS and arrive at a middle ground to get the tax lien withdrawn, it is advisable to reach out to a reputable and experienced tax attorney to handle the issue on your behalf. Doing so spares you from the hassles of dealing with the IRS while also increasing the probability of prompt problem resolution in time. If you or someone you know is looking to avail tax lien assistance in Texas, reach out to a reputable Dallas IRS lawyer.
IRS Problem Resolution 