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IRS Liens: Can They Be Removed?

IRS Lien Notices
An IRS tax lien can remain in place for the lifetime the debt is active. This means that the hit to your credit score, can last until the Statutes of Limitations expire. There are options available to remove a tax lien, and enter into a resolution with the IRS that will allow you to move forward with your life. Read on to learn more.

Removing Your IRS Lien with a Lump Sum Payment

The purpose of the tax lien is not to harm you, but to secure the Federal Government's interest in any assets you may hold, which means they take priority when you sell a home, or recieve large amounts of money. If you have the ability, the fastest way to remove an IRS tax lien is to pay off the debt in full with a lump sum payment. If you don't have the financial resources to make a lump sum payment, some financial experts will recommend that you borrow the money from friends, family members, or low interest lenders, which allow you to repay the debt without incurring further financial hardships. Hopefully, your lender will give you low or no interest rates which will save you money in the long term.

Another option would be to potentially take a loan from a bank or credit union to pay off your IRS tax debt. If the lender requires updated credit scores to be pulled in order to secure the loan, the federal tax lien may impact you negatively. There are circumstances where the IRS will temporarily remove a Federal Tax Lien to allow the taxpayer to secure the funds to pay in full. Although this is a more difficult route to take, it can benefit you as you will incur less interest and penalties through a financial or banking institutions loan programs.

Removing Your IRS Lien with an Installment Agreement

Through a relatively new program, the IRS has allowed IRS liens to be removed should taxpayers qualify to repay a debt in full within a specific period of time. Originally, the IRS would keep a lien in place until the debt was satisfied through repayment or through Collection Statute Expiration Dates, however; this new program has permitted thousands of IRS taxpayers to find a solution that doesn't require lump sum payments. The requirements are strict, but they can be utilized for both individual and business tax debt situations through the Direct Debt Installment Agreement if the following requirements are met:

  • You owe $25,000 or less. If you owe more than $25,000, you can pay debt down through smaller lump sum payments, and still request a lien removal after the repayment is accepted by the IRS.
  • Your Direct Debit Installment Agreement must pay off the tax debt within 60 month or less. Your Collection Statute Expiration Dates must have a minimum of 5 years or more remaining.
  • You aren't missing any tax returns, and are in compliance with IRS regulations.
  • You have made 3 consecutive direct debit payments.
  • You have not previously received a lien removal for the same tax debt.
  • You have not defaulted on your current, or any previous, Direct Debit Installment Agreements.

Removing Your IRS Lien with an Offer in Compromise

If you meet the requirements to settle your IRS back tax debt with an Offer in Compromise, you're in a better position than ever. If you meet the requirements to settle your IRS back tax debt with an Offer in Compromise, you’re in a better position than ever. You not only may be able to settle your back taxes for less than you owe, but your IRS lien can be removed once your Offer in Compromise application is accepted and your offered amount is paid in full. Just remember, not everyone qualifies for the Offer in Compromise. If you do, though, what you owe in back taxes can be drastically reduced.

Are you concerned about an IRS Tax Lien? Taking action now, can reduce the headache and concern. IRS Tax Liens can leave you open to further IRS aggressive actions, which may include bank levies, wage garnishments and property seizure. Call now or fill out the form below for a free, no obligation consultation regarding your tax debt, and IRS tax liens. Get a team of LIcensed Tax Professionals with the knowledge to address your tax problem and find the right solution for you.

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