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A tax lien is the first major step the IRS takes against individuals that owe taxes.

A lien is a security interest filed against the taxpayer's property. It does not give the IRS immediate access to the property, but it does entitle the IRS to funds that become available if the property is sold. A lien encumbers the property until the statute of limitation for collection expires (usually 10 years from the date the tax was assessed) or until the property is sold, whichever is sooner.

The tax lien offers the IRS legal claim to assets in order to ensure payment of the taxes owed by the taxpayer. A tax lien can be removed if you can pay the taxes owed or if you can assure the IRS that you will be paying.

Once a lien is filed, the taxpayer's credit rating may be harmed and they may not be able to sell property, secure a loan to purchase or acquire additional assets, obtain a new credit card, or perhaps even negotiate a lease.

There are many different settlement methods the IRS will accept to allow a lien to be released or discharged.

The IRS will usually release a tax lien within 30 days after you satisfy the tax due by paying the debt, or within 30 days after the IRS accepts a bond that you submit, guaranteeing payment of the debt.

Often the IRS may issue a certificate of discharge if the taxpayer has sufficient equity in other assets, can substitute other assets, or is able to pay the IRS its equity in the property. Without a tax lien discharge, the taxpayer may be unable to complete the sale of the property and the ownership title will remain clouded.

A release or discharge of tax lien can also be accomplished if the taxpayer enters into an installment agreement to pay the debt, if withdrawal will speed collecting the tax, or if withdrawal is in the best interest of both the taxpayer and the government.

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BA Tax Service
Tel: (918) 258-0009
Fax: (918) 251-6995
505 North Aspen Avenue
Broken Arrow, OK 74012
Smith Tax & Accounting, Inc. All rights reserved.

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