How do i negotiate with the irs about paying a federal tax lien?
Saturday, August 7th, 2010 at
9:08 pm
do i have to get a tax lawyer or get a company to do it for me, or can i do it myself, and if so, what steps will i have to take?
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Get form 656 and see if you want to tackle it yourself.
Note, the IRS generally wants to a “reasonable collection potential” which is the equivalent of your assets at quick sale and 4 years of payments….
What exactly are you trying to do? Settle the account for less than 100 cents on the dollar, set up a payment agreement or sell property that the lien attaches to?
The federal tax lien will release when the tax is paid in full. That is the simplest way.
If there is no equity in the property and you wish to sell it, ask the IRS for a subordination on that property. Or, if there is equity in the property, the IRS will release the lien if they receive the equity.
If you are eligible for an Offer in Compromise (most people aren’t), then submit an offer. You need to submit all forms and supporting documentation, answer all questions they may ask, and be current with your taxes. Then, if you offer more money than the IRS believes it can collect normally, they may accept your offer. They accept approx. 15%-20% of offers. They keep the fee.