Wednesday, November 28, 2007

Magic Tax Negotiation: Make My Lien Disappear!



Presto!

What do you mean the lien is still there?

Damn.


That's right. Tax liens are awful. They attack from all sides and in the end, leave you with a terrible credit score, hinder your ability to buy/sell assets, and broadcast your tax debt to the general public. So if "presto" didn't do the trick, what magic word will? None...unless that word is followed by full payment of the tax liability. Tax liens will stick around until the amount of tax is paid or abated in full.

Obviously most of those that find a lien placed against them cannot pay their tax debt in full. It's just not a practical option. So another option to release the lien would be thru an abatement program. This process is possible via: offer in compromise (if applicable), a penalty abatement request (if this is all the debt you owe), expiration of the collection statute of limitations, and/or filing amended returns, if warranted.
Each process above has the potential to release a lien but are not simple maneuvers. When serious about releasing a tax lien, it would be in a taxpayer's best interest to consult a professional tax resolution firm. Trust me, you will have much more luck by using the help of someone familiar with tax negotiation as opposed to relying on some type of magic solution.


Cheers!

-Taxus

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