The IRS may issue a Withdraw or Release filing of the Notice of Federal Tax Lien under certain circumstances including some of the situations listed below:
- The taxpayer has fully paid all taxes owed, including interest and additional fees.
- The taxpayer has successfully negotiated and paid the lower amount of taxes by method of an Offer in Compromise.
- The IRS accepts a bond that the taxpayer submits that serves as a guarantee of payment of the debt.
- The tax lien releases automatically 10 years after a tax is assessed if certain conditions are met.
- You may apply for release of a tax lien by completing a Certificate of Discharge, in the event that you sell a home or other property.
- The notice of Federal Tax Lien was filed too quickly or in violation of IRS procedures.
- Withdrawal will allow for faster collection of the tax.
- Withdrawal would be in the best interest of both you and the government.
- If the taxpayer was in bankruptcy and the IRS assessed the tax and filed the lien, even though those in bankruptcy are allowed an automatic stay.
- The IRS made an error of procedure in an assessment.
- The taxpayer was not given the appropriate opportunity to dispute the assessed liability.
Your credit rating may be affected upon a lien being filed. You may be denied a loan to buy a car or a house, the ability to sign any type of lease, or a new credit card. To minimize the damage to your credit rating, you need to resolve your tax lien problems as soon as you can.
Contact me by e-mail or by telephone at 1-904-990-7890