Decades of Experience from Oklahoma Tax Attorneys
If you have been notified by the government that you have unpaid taxes and you fail to satisfy the debt within ten days, there is a chance that the IRS can attach a lien to all your property which prevents you from selling it. Tax liens can harm your credit and prevent you from borrowing loans. There are important steps that you must take to obtain a Tax Lien Release and choosing the right IRS tax lawyer to help you is one of them.
Call (405) 454-8373 to schedule a consultation with Travis W. Watkins Tax Resolution & Accounting Firm and get started on your case.
With the Travis W. Watkins Tax Resolution & Accounting Firm on your side, you benefit from decades of experience and a firm that has handled hundreds of cases for individuals and businesses alike. We fight for relief on behalf of our clients and provide the highest level of client service throughout the process. You can count on prompt responses, answers to all your questions, and regular updates on your case. We offer a variety of packages and services to suit your needs.
Options for Tax Lien Release
Usually, the IRS releases a lien once the taxes are paid back in full. However, it is understood that sometimes a lien itself can damage the taxpayer's ability to pay off taxes.
There are several other ways a lien might be released:
- Direct Debit Installment Agreement (DDIA): This is a type of payment plan that automatically debits your taxes from your account monthly. The IRS may release or withdraw a tax lien if you owe less than $25,000 and choose a DDIA payment plan.
- Incorrect filing procedures by the IRS: In some cases, the IRS did not follow procedure prior to filing a lien. If this is the case, the notice of lien may be able to be removed.
- Offer in Compromise (OIC): Once an amount is settled upon and paid, the lien may be released.
- Partial payment installment agreement: This agreement means that since the amount will likely not be fully paid off before the statute of limitations is expired, the lien will remain until the taxes are fully paid off or until the statute of limitations is expired.
How to Apply for a Withdrawal of a Notice of Federal Tax Lien
If you failed to pay your tax debt to the Internal Revenue Service (IRS), a Notice of Federal Tax Lien may have been filed. This Notice serves to make your creditors aware of the tax debt that you owe the IRS. When such a Notice is in place, it may be difficult to use, sell, or refinance these assets effectively. Fortunately, there are options available to you in order to have this Notice removed. To apply for a withdrawal of the Notice of Federal Tax Lien, you must complete these forms:
- IRS Form 12277, Application for Withdrawal of Filed
- Form 668(Y), Notice of Federal Tax Lien
Information Needed to Request a Withdrawal
Once you know which form must be filed, your next step is to fill in all of the requested information. In order to complete this form, you will need to provide the IRS with the following information:
- Your name, address, and phone number
- Your social security number
- A copy of the Notice of Federal Tax Lien
- If you do not have a copy of the Notice of Federal Tax Lien, the serial number of the Notice, the date it was filed, and the recording office where it was filed, to the extent available to you
- The current status of the federal tax lien
- Your reason for requesting the withdrawal, including supporting information to substantiate your request
Once you have filed the form, the IRS can notify other interested parties of its approval upon your request. This request must be sent in writing and it must include the names and addresses of the credit reporting agencies, financial institutions, or creditors that you would like the IRS to notify.
Call a Tax Lien Release Attorney in Oaklahoma at (405) 454-8373
If you have a tax lien and need it to be released, our Oklahoma tax attorneys can discuss these options and more with you to find the best possible solution on your behalf.
Call (405) 454-8373 for dedicated and experienced representation from our Oklahoma tax lien release lawyers.