How to get an IRS tax lien removed?

Shavonne Ivory

21 juin 2011

No one likes to be in trouble with the IRS, because being in trouble with them can eventually ruin a person’s credit score or financial stability if the problem is not corrected. One of the main reasons why people get in trouble with the IRS is because of failing to pay their taxes, which causes the IRS to place tax liens on a person’s property.

What is a tax lien?

Definition When the IRS is attempting to get someone to pay a tax debt he has been avoiding to pay, the IRS will legally place a tax lien on his personal or real property. The IRS can put a tax lien on a person’s house, car or any other property which it chooses, and this will allow the IRS to have a legal claim on the property until the back taxes are paid in full.

How to remove a tax lien

Pay what is due One of the best and fastest ways to remove a tax lien is to pay the tax amount which is due. This should remove the lien within 30 days, and also remove it from a person’s credit report. Installment plan The IRS’s main goal is to get money owed to them from unpaid taxes. So, a lot of times, they will agree to let the debtor make payments in monthly installments. The installment plan must be agreed upon by the IRS, and the monthly amount will be determined by a person’s income, monthly expenses, and the amount of back taxes that is owed. A person who is paying back taxes through an installment plan must make sure not to miss any monthly payments, because doing so will make the account go back into default and the installment agreement will be terminated. Repayment deal Attempting to get the IRS to accept a repayment deal is called an offer in compromise, and this can be a successful way to get a tax lien removed. With a repayment deal, the debtor offers the IRS an amount to pay the lien off in full, and this amount is usually less than the original tax lien amount, and the IRS can agree to the offer or not. If the IRS does agree to accept the repayment amount, then the debtor has to promise to pay all future taxes on time, for a certain period of time.

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