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Taxpayer Denied Home Equity Loan, IRS Tax Lien the Cause - DWK Tax Group
Not all cases end with a happily ever after scenario, in this case taxpayer may have waited to long to engage the IRS Tax Lien on his primary residence.
By: DWK Tax Group
Along comes the method of publicly announcing a specific individual’s inability to keep current with the most basic financial obligation, the filing of a IRS Tax Lien (http://www.dwktaxgroup.com/
What is an IRS Tax Lien?
A tax lien is a lien imposed by federal or state law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes. The Internal Revenue Service initiates a tax lien when balance of tax debt owed exceeds $10,000.00. Additionally, an IRS tax lien puts future vendors and potential lenders of the possible risks involved in providing personal or business financing.
Again, an IRS tax lien is a publicly recorded instrument to put anyone wanting to do business or loan you money on notice and the risks involved by doing so.
IRS Tax Lien and repercussions
In 2005, taxpayer completed his individual tax return with erroneous tax preparation (http://www.dwktaxgroup.com/
City and county (Parrish) property taxes from the State of Louisiana went unpaid. It triggered a property tax sale 3 years ago. In 2011, the taxpayer’s primary residence was sold to an anonymous purchaser . The taxpayer had 3 years to “buy back” the property and the deadline was upon us.
Fast forward to yesterday, taxpayer needs money to buy back his primary residence. The home equity lender would not touch, nor begin any loan process until the IRS tax lien was removed or subordinated. The process to subordinate, withdraw or discharge takes a minimum of 45 days to process and a 30 day turnaround time is considered “expediting”
The IRS tax lien needed to be subordinated in 6 calendar days in order for the taxpayer to apply for a home equity loan and save his home. A Form 14134, Application for Certificate of Subordination of IRS Tax Lien, 1 amended tax return and 6 years of missing federal and state tax returns, notarized taxpayer statement was submitted.
Need a road map to tax serenity?
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DWK Tax Group offers affordable IRS or State tax representation, a valuable service, a necessity for a mental piece of mind. All fees are flat and negotiable. 5 years plus, not a single complaint. Why? DWK Tax Group does what it said it would do. The company core value exercised on a daily basis is simple. “We treat the tax problem as if it were our own!”, says managing partner and IRS Enrolled Agent (http://www.dwktaxgroup.com/
- See more at: http://www.dwktaxgroup.com/
Andrew Hatchie Jr.