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Perhaps you have received a notice from the Internal Revenue Service informing you a Federal Tax Lien is about to be filed against your assets for unpaid taxes. If you made no attempt to resolve your unpaid tax debt within 30 days from the date of the notice, the tax lien will be attached to all your properties.

You may submit an application to the Internal Revenue Service for a Federal Tax Lien release. One of the following actions is required to satisfy IRS requirements to remove a tax lien:

  • Make a partial payment to the IRS. It must be as least as much as the value of the tax lien, but need not cover all tax liabilities.
  • Submit another piece of property in lieu of your personal residence. The property must be valued as double the amount of the tax debt.
  • Proceeds from the sale or refinance of the property are sent to the IRS.
  • The IRS has determined the property is of no value to clear the tax debt.

Once the release has been approved, the Internal Revenue Service is required by law to remove the lien within 30 days.

It is imperative to prepare accurate documentation and send the information to the correct IRS tax authority. Detailed information is required:

  • Your name, address and phone number
  • A detailed description of the property being discharged
  • A statement describing the transaction
  • A copy of the current, recorded Federal Tax Lien(s)
  • A list of all judgments, mortgages, etc. that were on the property before the lien was filed
  • The amount of the current tax debt
  • The current fair market value of the property
  • A description of how the IRS is going to receive payment

Preparing an application for a Federal Tax Lien release can be tricky, especially if you need an affordable payment plan to resolve your tax debt. Negotiating with the IRS and obtaining their agreement to remove a tax lien is best handled by a professional tax expert.

Your tax specialist can assist you with the submission procedures. If the IRS, for some reason, fails to remove the tax lien, your tax attorney can represent your case.

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