As tax time approaches, it’s important to understand as much as you can about taxes and the IRS. Something you should be aware of is the tax lien. The IRS can file such a lien against you when you haven’t paid owed taxes. By learning how to get a tax lien released, you are better equipped to handle the situation. Read further to learn more about this issue.
What Is a Tax Lien?
A tax lien is a notice the Internal Revenue Service files when someone fails to pay taxes. If you own property, the IRS will attach a tax lien to it. Therefore, you can lose your property if you don’t settle the payment issue. In 2018, the IRS expected to process up to 155 million individual taxpayer returns, and some of those people had liens.
How to Get a Tax Lien Released
All hope is not lost when if you know how to get a tax lien released. The best way to go about it is with an appeal. In some cases, the assessor may have gotten it wrong. If you have evidence of such, you can present it to the IRS, and they may withdraw the lien if they agree the evidence is sufficient. You can also try negotiating with the IRS about your situation.
What If It’s Declined?
If the IRS says no after your appeal, it may be time to negotiate a payment plan. In some cases, they may agree to a payment plan, which allows you to pay off your old taxes over monthly installments until you’ve cleared your debt. They may release the lien once you’ve paid back the back debt.
How to Avoid a Lien
Do what you can to avoid a tax lien by paying your taxes on time. If you’re experiencing financial difficulties, try to contact the IRS ahead of time to see if you can work out a payment plan. If you just let the issue go, a tax lien may result./p>
Getting notice of a tax lien can be very stressful for anyone to see. Being proactive about settling your taxes and contacting the right professional can ease your financial burden. Contact our office today if you need help getting a tax lien released.