1. What is a Lien Release?
A lien release is part of a taxpayer’s public record notifying the public that their liability has been satisfied. By law the IRS is required to release a lien within 30 days after the liability has been satisfied through full payment, adjustment, or statute expiration. Any of these conditions would result in a certificate of release to be recorded.
2. What is a “Withdrawal of Federal Tax Lien”?
A “Withdrawal of Federal Tax Lien” expunges the lien from the “public record,” as though the lien never existed or was never filed. The withdrawal of a Federal Tax Lien is VERY IMPORTANT as an opportunity for Taxpayers to receive a “fresh start.”
3. How can I benefit from having my IRS Released Tax Lien withdrawn?
Having an IRS released tax lien withdrawn from public record can result in a higher credit score, a reduction in your cost to obtain credit and loans, and an improved ability to obtain credit. Both individuals and businesses are eligible to request a withdrawal of a Federal Tax Lien.
4. I was refused a loan due to a Federal Tax Lien. Could a withdrawal of the tax lien help me?
Possibly. Depending on your circumstances and current compliance status with the IRS, a withdrawal of your tax lien may be possible. If a lien is withdrawn from public record, it could have a positive effect on your ability to obtain credit or a loan. Please call us to discuss your situation to determine if a tax lien withdrawal may be an option for you.
5. “I’ve paid off my tax liability, can I file for a lien withdrawal?”
In addition to having satisfied your tax liability, you must also be in compliance filing all individual, business, and information returns for the past three years and be current on estimated tax payments and federal tax deposits (as applicable).
6. “I have not paid off my tax liability, but I am enrolled in a direct debit installment agreement with the IRS. Am I still eligible to have my lien withdrawn?”
Yes, provided the current amount owed is $25,000 or less or your balance will be paid down to $25,000 or less prior to requesting the withdrawal; your DDIA provides for the full amount owed to be satisfied within 60 months or before the collection statute expires (whichever is earlier); you are in full compliance with other filing and payment requirements; you have made at least three consecutive direct debit payments; and you have not defaulted on your current or a previous direct debit installment agreement.
7. Who is not eligible for a lien withdrawal?
Generally, those not eligible include taxpayers who owe more than $25,000, small businesses who owe payroll trust fund taxes, or taxpayers who have defaulted on a current or previous direct debit installment agreement. HOWEVER, WE MAY STILL BE ABLE TO HELP YOU depending on your individual or business situation. Please call us for a free consultation.
8. How can E. Martin Davidoff, Attorney at Law, help me or my business in getting a tax lien withdrawn?
For a flat fee, we will prepare and submit the documents you need to request a withdrawal of your IRS tax lien.
7. How do I start?
Our staff is looking forward to helping you! Please call 732-274-1600 or email: firstname.lastname@example.org