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Old 05-30-2011, 06:12 PM   #1
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coach tote bag,coach bags,mbt shoes sales,article5481,hogan olympia sale,outlet coach,hogan mens shoes for saleIRS Federal Tax Liens - All About Notice of Federal Tax Lien
The IRS uses a tax lien to let the world know that you owe back taxes. Have you not paid a tax bill? Have you received a Notice of Federal Tax Lien? If this happens to you,article5481, your life will change. A tax lien could be devastating to you and your family. It affects your credit and,article5481,ferragamo shop online, in turn, will affect your life. All of your assets will have the lien attached to them. You will not be able to get the credit needed to purchase a new car or a home. You will not be able to sell or borrow against your assets. Your credit could be destroyed.
A Notice of Federal Tax Lien states that if you do not pay your tax bill by a specific deadline,coach wallets mens, the IRS may file a notice of your tax debt in the public records offices in the counties you live,article5481, work,mbt shoes clearance sale, and/or own real estate in.
The IRS is supposed to send you a notice prior to a lien being recorded. This notice gives you the opportunity to pay or figure out a settlement with the IRS before the lien notice is sent to the public records office. Obviously,outlet coach,article5481, the best choice is to avoid a lien.
The IRS also has to give you the opportunity of a hearing. You will be allowed to contest the validity of the lien at that time. If you are unsuccessful,article5481,tods designer bags, you may appeal to the U. S. Tax Court or a federal district court.
How to Get a Tax Lien Released
1. Pay your back taxes in full
2. File bankruptcy
3. The IRS accepts an Offer in Compromise
4. Statute of limitations runs out (usually after 10 years)
The IRS should send you a Certificate of Release of Lien within 30 days. Make sure you receive a Certificate for every lien that the IRS filed against you. If you do not receive one, request one in writing from the Chief of Special Procedures in the IRS office where the lien was filed.
Clearing Your Credit
You will need to obtain your credit report from the credit reporting agencies. Review these records to see if your credit history has been updated. If not,article5481, ask the agencies to contact the IRS or check the public records. Another option is to send the agencies a copy of the Certificate(s). Please note that the placement of a tax lien may not be erased from your credit records for as long as 10 years.
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