If you owe money to the IRS and do not pay the amount or make payment arrangements by the agreed upon date, the IRS may place a lien on your property and/or assets. If this happens to you, it is important that you take the necessary steps to release your tax lien.
Of course, the best option is to pay the amount of back tax that is due on the bond. This can be done by paying in full or by using an IRS payment plan. If you know you will be affected by another tax lien in the near future, this may not be the best option, and as with all tax matters, but particularly in this case, you should speak with a qualified tax professional to find out. the best choice. strategies for you.
An IIRS tax lien discharge or tax lien subordination may be another option for you. This is a request made to the IRS to release your interest, which your tax professional may recommend you do if you own a home with equity and refinance it, giving the IRS a share of the proceeds.
There are several types of statements that you can get from the IRS. These include the personal offer in compromise, the business offer in compromise, and the request for abatement of penalties. An offer in compromise designed to help taxpayers who cannot pay their tax debt in full, and takes into account income and assets to determine a settlement amount you can pay.
A business offer in compromise is similar to a personal offer in compromise, but is often more difficult to negotiate and requires the help of a tax attorney. Through this agreement, a business must be fully current and in compliance with all IRS tax obligations for two years before filing the OIC.
Penalty abatement or forgiveness agreements are written requests made to the IRS requesting the removal of increased interest and penalties from your account. Most penalty abatement requests revolve around theft or embezzlement, medical issues, serious illness or death, or natural disasters that have inhibited your ability to pay your tax liability. The IRS will consider any circumstances that were out of your control that directly affected your ability to pay taxes.
If you are facing a tax lien, it is important to act quickly to secure your financial future and your assets and property. A tax professional and/or tax attorney should be the first person you consult.
