A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. IRS will issue Notice of Federal Tax Lien Form 668(Y) (C) to alert you and creditors about IRS Tax Lien filing.
Liens affect you in the following ways:
Requesting a lien “withdrawal” removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property; however, you are still liable for the amount due. Form 12277, Application for the withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien should be completed to apply for the Tax Lien Withdrawal. Your tax balance due should be 25,000 or less to be eligible to apply for a Lien Withdrawal. You must also meet with other IRS requirement to be eligible to apply for the Tax Lien Withdrawal.
Regardless of where you are in the tax lien process, the team of experts at Coast One Tax Group are here to help. We have successfully reduced and resolved tax liability for thousands of clients which includes the removal of tax liens. Call us today for a free consultation and let us help you.
If you owe $10,000 or more in back taxes to the State or IRS, the team of tax experts at Coast One Tax Group is here to help.