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Tax Lien “Release” or “Withdrawal”?

8/9/20161:48 AM(View: 5350)
Tax Lien “Release” or “Withdrawal”?
With unpaid taxes, the IRS will attach a tax lien to your assets. The tax lien can be “released”; however, the history of the tax lien will cripple your credit score for seven years. A “withdrawal” will expunge it from record as if it never happened.  Even after paying your full tax liability, the tax lien will negatively impact your score for seven years afterwards.  I have been told by clients that a tax lien has dropped their credit score for over 100 points making it almost impossible for them to obtain a loan.  For many, a better route will be a tax "withdrawal".  The lien erases as if the original lien was never there.  Sometimes, you can obtain this even when you have not fully paid your tax liability.  Of course, certain conditions apply such as an appropriate installment agreement and good faith payments for three months.
Tax Lien Releaseor Withdrawal
8/9/2016
Most tax resolution firms will offer free consultations. However, taxpayers should be aware who their consultations are with. Many of these firms use “boiler rooms”, or salespeople with fictitious titles such as “tax analyst”, “case manager”, …
8/9/2016
To help struggling taxpayers settle their debt during these tough economic time, the IRS initiated the Fresh Start Program which implements policy changes to penalty abatements, Offers in Compromise, installments agreements, and...
8/9/2016
Here are some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. Keep the following in mind when you sell your home.
8/9/2016
With the recent 2008 recession, large Federal deficit, and multiple states on the brink of bankruptcy, many tax authorities have increased their efforts to collect unpaid taxes. Not surprisingly, there has been an increase of tax settlement companies that have flourished.