IRS Tax Lien with nick Nemeth
  • November 6, 2017
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When you are past the due date for tax payment, things can get much worse than you can ever imagine. In long overdue cases of nonpayment, the IRS holds the right to claim the defaulter’s assets, both tangible and intangible. An IRS tax lien can not only give you stressful days and sleepless nights, but also has a negative impact on your credit reports, as it causes your credit score to plummet drastically. Thankfully, there are a few ways to move out of this quagmire. Let’s talk about four such avenues.

1. Get an Overview of How Much You Actually Owe

It is a wise practice to understand your tax situation fully before you starting paying off your due amount. Document how much unpaid tax you owe to IRS each tax year. This will help you monitor what is going on with your federal tax lien. Maintain a detailed spreadsheet on current balance due, returns already filed, late penalties, and instalment agreement. Such an approach to tax debt will give debtors a bigger picture and tell them what exactly they must do.

2. Cross Check the Information on Your Credit Report

Obtain a copy of your credit report and check its public records section that shows all reported tax liens. Go to the tax lien you are looking for and cross check the balance information given therein to ensure there is no discrepancy. In order to qualify for an IRS lien withdrawal, you must first clear, in full, all pending liens and then fill out IRS Form 12277. Thereafter, a credit bureau will consider withdrawing the bad debt if you meet all the requirements.

3. Wait for the Statute of Limitation to Expire

The IRS typically imposes a 10-year statute of limitations on its tax collections. As a general rule, the IRS will attempt to collect unpaid taxes for up to 10 years counting from the time they assessed the taxes. If you are still unable to pay the taxes by the end of these 10 years, you may need to sell your house or refinance to pay the IRS. The IRS will cease its collection efforts subject to some exceptions. For instance, if the IRS had filed a tax lien against you in 2007 and you are unable to pay it off for some genuine reasons, the IRS will withdraw its lien by 2017.

4. Apply for IRS’ Fresh Start Program

Recently, IRS announced a program called Fresh Start, which makes the lives of debtors who qualify easier. Under this program, you can appeal for a withdrawal of your federal tax lien as if it never existed. For that, you must meet the following criteria namely:

  1. You are a qualified taxpayer
  2. You must not owe more than $25,000
  3. You have made at least 3 consecutive direct debit payments
  4. You are compliant with all payment and filing requirements

Wrap Up

Nobody wants to be behind their tax payments, but unfortunately each year many people  get entangled in this tax quicksand. Take the measured suggested above and make IRS tax lien less complicated. If you need expert advice, feel free contact our office and speak directly with Attorney Nick Nemeth for a no-obligation free consultation. Simply call (972) 426-2553 or fill out our contact form and one of our representatives with get back with you, shortly.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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