Showing posts with label How Can a Taxpayer Request a Discharge of an IRS Tax Lien?. Show all posts
Showing posts with label How Can a Taxpayer Request a Discharge of an IRS Tax Lien?. Show all posts

Thursday, October 22, 2020

IRS Tax Lien Help

Hiring a Tax Resolution Lawyer shows the IRS or State government you’re serious about resolving your tax debt.

Hiring a professional sends an indirect message to the IRS or state. It tells taxation authorities you are serious about resolving your tax debt.

Has the IRS or State place a tax lien on you credit report? Did you receive a Notice of Federal Tax Lien (NTFL)? Then, it is time to get help as procrastination will not fix your tax problems. A tax lien can have a devastating effect on your credit score and financial well being. Tax Professionals Help You Stay Compliant If you want help with a federal or state tax lien, start with a free consultation using the form above. We can begin the process to help you resolve your tax debt as quickly and painlessly as possible. Dealing with a federal or state tax lien can be extremely complicated if you have never handled one before. All of our partnered tax professionals are experienced with tax liens and have resolved them successfully for numerous clients. If you set up a payment plan or an offer in compromise with the IRS, you have to stay compliant with tax filing obligations for the next few years. Failing to pay or file can negate your arrangement. When you work with a tax professional, they can help you deal with your tax debt, but they can also help you prepare future returns and stay up to date with payment requirements in the future.

  • Tax Lien Relief Services Offered
  • Withdrawing IRS tax liens
  • Releasing IRS and state tax liens
  • Discharging an IRS or state Tax lien from a specific piece of property
  • Subordinating a state or IRS tax lien
  • Appealing a withdrawal, release, discharge or subordination denial
  • How the Complimentary Tax Lien Consultation Works

Tuesday, September 22, 2020

Need A Tax Lawyer

​Why Do I Need A Tax Lawyer

It is unfortunate but true, that many people do not even consider consulting a tax attorney until they open their mailboxes one day and there is that dreaded letter from the IRS. 

A tax attorney is a lawyer that specializes in all areas of taxes. The tax attorney is required to attend law school for one to three more years, after regular law school, to receive their Masters in taxation. Call (855) 203-5032 to find out how a tax attorney can help you settle your tax debt for pennies on the dollar.

The IRS has its own group of experienced tax attorneys, so if there is ever a time when you need to face the IRS for any reason, it is imperative that you have your own tax attorney with you. A tax attorney has all the tools and means necessary to handle any tax matters that come up during any tax disputes or issues. If you have been contacted by the IRS and are looking to retain the services of a tax attorney, there are certain things to keep in mind when looking for the right one.

First, you need to choose a tax attorney that has extensive knowledge and experience in all areas of taxation. This means your chosen tax attorney should be up to date on all tax regulations, laws, recent and past tax court cases, recent and past tax rulings, appeal procedures, audit procedures, tax litigation and collection. Call (855) 203-5032 to find out how a tax attorney can help you settle your tax debt for pennies on the dollar. Your tax attorney should have a good deal of knowledge when it comes to business accounting. He or she should have the experience and training in financial areas to understand your case fully. Your tax attorney should also have a working knowledge of many other legal areas, such as bankruptcy, agency law and contract law. Your tax attorney should have a good deal of legal knowledge to recognize any issues that could be deemed criminal in nature.

Friday, September 11, 2020

How to Discharge of an IRS Tax Lien?

How to Discharge of  an IRS Tax Lien?

You need to submit form 14135, Application for Certificate of Discharge of Property from Federal Tax Lien at least 45 days before the sale or settlement meeting. Publication 783 provides the instructions for completing form 14135. 

You will need to describe the property, its appraised value, and other information. Most importantly, you need to provide a basis for the discharge of the IRS tax lien. When the IRS grants a lien discharge, it is doing you a favor. You need to give them a reason why they should grant your request. 

As stated above, the IRS will approve the discharge of a tax lien on a specific piece of property or properties with good reason. Taxpayers may use the following as a basis for a lien discharge: Your other property subject to the IRS tax lien is worth twice as much as your tax liability. For example, if your total tax liability is $45,000, you will need to have at least $90,000 worth of assets subject to the Federal tax lien after the IRS grants the lien discharge for the requested property. You pay the IRS an amount equal to their lien interest in the property being discharged. If you pay the IRS the same amount they could receive from their lien interest, they may give you a lien discharge. The IRS interest may be less than the full value of your property because other creditors, such as a mortgage lender, may have interests that are superior to the IRS tax lien. The mortgage lender’s interest is superior to the IRS tax lien, so the government’s interest in your property has no value You agree to sell your property and hold the funds subject to the IRS tax lien in escrow. You can use the sales proceeds to pay off a creditor with a superior interest to the IRS. In many cases, this could be a mortgage lender. But the rest of the funds have to stay in escrow subject to the IRS tax lien.

  • A third party provides a deposit or bond equal to the IRS lien interest in the property. If a third party owns property subject to your IRS tax lien, they can get a lien discharge by paying a deposit to the IRS. The third party has to file an action in district court challenging the lien interest within 120 days, or they forfeit the deposit.

Wednesday, August 26, 2020

Don’t Delay In Managing Tax Debt forgiveness. Call (877) 541-6901 for tax consultation. If your debt is very large, you can apply for an Offer in Compromise with the IRS.

IRS Tax Debt Relief Center specializes in helping Americans with tax debt. 

But while death and taxes are the big two inevitability, those with serious tax problems should know that it is possible to negotiate with the IRS to reduce past-due tax penalties and payments Many Americans feel alone and under stress when faced with the crisis of tax problems. Fortunately, the tax experts at Freedom Tax Relief are available to be your dedicated resource to save you the most money while resolving your IRS debt in the shortest amount of time possible. 

Determine the best method for managing and eliminating the tax debt. Negotiate with the IRS to settle on an agreed course of action and resolve the debt. While facing and handling tax debt can be painful, last year's bankruptcy reform legislation made it even more crucial for consumers to act. Historically, consumers in severe IRS debt might file for Chapter 7 bankruptcy protection or wait for the 10-year statute of limitations on tax liability to expire. 

Now, people are much more limited in the ability to obtain Chapter 7 filings. The bill's new "means test" leads many consumers instead to file Chapter 13 bankruptcy, which establishes a repayment plan, rather than wiping out all debt. Consumers with tax debt may find it much less costly and simpler to work with a tax debt resolution firm's, which allows individuals to set up tax payment plans while avoiding court fees, attorney fees and bankruptcy judgments on their records. 

Call (877) 541-6901 for tax consultation. If your debt is very large, you can apply for an Offer in Compromise with the IRS.

Thursday, July 16, 2020

Many taxpayers cannot qualify for an Offer in Compromise but still seek resolution for their IRS liability. In these cases, we will work with our clients budget and financial profile to negotiate the lowest possible long term IRS payment arrangements.

IRS Installment Agreement

Tax relief

The IRS allows "structuring" five primary types of payment plans, or Installment Agreements: Guaranteed Installment Agreements, Streamlined Installment Agreements, In-Business Trust Fund Agreements, Long-Term Installment Agreements, and Installment Agreements on Specified Balance Due Accounts.

Tax relief

Currently Not Collectable (CNC)

If a taxpayer does not qualify for an offer in compromise and cannot afford to pay an Installment Agreement, Currently Not Collectible (CNC) status may be an option. If a client is placed in CNC status, the statute of limitations continues to run and the IRS will not pursue collection actions. However, If a taxpayers financial status improves, the IRS can remove the file from CNC status and return to active collection status.

Reasons for attempting CNC status are several, most notably: Taxpayer has income below allowable expenses and there is no indication that the financial situation will improve in the future. Also, due to high home equity the taxpayer does not qualify for an OIC and has more allowable expenses than income so an installment agreement is not an option. Lastly, the taxpayer has more allowable expenses than income and the statute of limitations is getting close to expiring.

A wage garnishment can result from an IRS levy resulting from delinquent tax liability. Garnishment rules vary, but essentially the IRS takes a portion of your paycheck each pay period, and contributes the amount garnished toward paying off your tax debt. Garnishments remain in place until the tax is paid in full or until a Garnishment release has been processed.

Tax relief

The first thing our tax resolution firms do on your behalf is to contact the IRS within 24 hours of any new client to determine what stage of collection the IRS is in. We then ask for an immediate hold of any further collection action until we can get the proper documentation or resolve your IRS situation. If the IRS agent in charge of your case , being a field agent or automation collections agent is not willing to give us an extension, we immediately file an appeal that may be a CDP or CAP Appeal. Either of these IRS appeals stops all collection actions against the tax payer for a period no less than 30 days, and up to 6 - 7 months. This gives our clients the ability to begin negotiations.