IRS Tax Lien Solution with Tax Relief of Guarantor

Jan. 26, 2011 - PRLog -- United States – 01/26/2011

Do you want to redeem IRS tax liens? The IRS has provisions for tax collection through the courts. They can recover the back taxes in the form of IRS tax debt by filing a lien against a default taxpayer. The law will attach a lien on the properties and valued assets owned by the taxpayer, as soon as a federal tax notice is served. The IRS has the legal right to access the assets and bank accounts owned by the taxpayer to recover IRS debt. The lien is effective because it is filed in the public records system of the local county office where taxpayers file their tax returns. The IRS uses legal methods when the individual continues to neglect his tax dues. LoansStore IRS tax debt professional’s network has saved dollars with IRS tax help for their clients by successfully negotiating with the IRS on their behalf and helping them file back taxes.

IRS Tax Lien Implications

An adverse effect for the taxpayer of the lien served is that it immobilizes the assets owned by the tax debtor. This reduces the credit rating of the individual significantly.  Credits limits are imposed depending on the value of the assets. The tax lien by the IRS on a tax defaulter cuts off sources of credit in times of need. Creditors take heed of the warning because usually liens are linked with huge liabilities. Getting fresh loans becomes almost impossible for such a person.

Tax Lien Solution

What is the solution? The apparent advice is to clear the tax debt and remove the obligatory lien. This is possible on redeeming the IRS tax lien. The IRS has to release the lien within thirty working days when the tax dues are paid in full.

Wage Garnishment

Instead of one lump sum debt payment, the taxpayer can request making payments in installments. A monthly payment schedule can enable the release of the lien. However, it is subject to the IRS being convinced of payment of the tax debt. One option available to release the lien is to undergo wage garnishment and pay tax debt through payroll deduction from wages, or direct electronic clearance from debtor's bank account. With consent for automatic deduction, the IRS can recover the taxes from the monthly pay.

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Third Party Guarantee

Another option is when a third party provides a guarantee to redeem the taxes in case the tax debtor fails to make the payments. This can be in the form of a bank guarantee. The IRS generally releases the lien if they are convinced about the monthly payments are being made regularly.

IRS tax relief

Financial lending companies of commerce offer special credit facilities as IRS help through IRS tax relief or IRS tax settlement programs. An expert in taxation from the company represents the tax defaulter to negotiate an arrangement and seek waiver in order to reduce some of the IRS dues. The tax debt is paid in full on behalf of the individual to the IRS. The debtor then pays affordable monthly payments to the credit company. In such cases the IRS releases the lien because it receives the tax amount due.

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