Can A Chicago Income Tax Professional Help Me With My Tax Lien
The government may impose a income tax lien if you neglect to pay off your tax debt . Income tax liens protect governmental interest in your property. This includes your personal assets, real estate, or financial assets. The lien can be in place after only a few steps. First, the Internal Revenue Service will assess your liability. Then a Notice and Demand payment will be sent, explaining how much you owe. If you refuse or forget to pay the debt after these two steps are taken, the IRS will file a public document called Notice of Federal Income tax Lien. This will alert creditors that the government has a legal right to your property.
A tax lien can easily be removed by a tax professional Assessing personal credit is more difficult and problems arise when buying or selling a new home. Employment problems can also arise when the income tax lien reaches your credit report. Income tax professionals know how to handle those problems and more.
A major step in removing the tax lien is applying for the Withdrawal Notice of Federal Tax Lien. In regards to filing a Federal Tax Lien, this is the most broad of all the steps. If requesting the withdrawal on your own, the success rate is small because you are asking the IRS to give up their debt priority in respect to any current and future creditors. A couple requirements must be met in order to have the tax lien withdrawn. The IRS must first have improperly filed the lien. YYou must be able to prove that the lien was incorrectly filed. The IRS will agree to withdraw the lien if your total income tax debt is less than $25,000 and you have agreed to a payment plan that will allow you to completely pay off your debt. Lastly, if you can provide proof that the withdrawal of the tax lien is in the best interest of the Internal Revenue Service, the IRS may withdraw the lien.
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Another method of dealing with a income tax lien is a request to Discharge Property from Income tax Lien. This mechanism is not the proper way of dealing with income tax liens because the request is used to release a specific piece of assets from the tax lien. When a taxpayer is selling a home or attempting to short sale their property, this is generally the circumstance. A tax lien can prohibit you from selling a assets because it attaches to all of the assets you own. When filed, the lien attaches specifically to real property. There are a few criteria that are required to be met in order to have the assets discharged.
Your best option in regards to removing a tax lien is hiring a tax professional. They will know all of the tax codes that are needed in order to best remove the tax lien. An experienced and well-educated income tax professional can assist you the best with your options for removing your tax lien.
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