Dealing with an IRS lien can be daunting, but taking prompt and informed action is crucial. An IRS lien is a legal claim against your property due to unpaid tax debt, affecting your credit and financial flexibility. Here’s how to handle it:
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Understand the Lien: First, comprehend the lien notice. It indicates the IRS’s claim on your assets until the debt is settled.
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Verify the Debt: Ensure the lien is accurate. A tax professional can help you determine if the owed amounts are correct.
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Communicate with the IRS: Ignoring the lien will worsen the situation. An Enroll Agent, like Marcelino Dodge, EA, CTRC can communicate with the IRS on your behalf.
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Payment Options: If the debt is accurate, then if possible pay in full. This is the quickest way to remove the lien. If full payment isn’t feasible, Marcelino Dodge, EA, CTRC, will help you determine the best option for your facts and circumstances, such as an installment agreement or an Offer in Compromise, which allows you to settle for less than the owed amount.
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Seek Professional Help: Consult a tax resolution professional, Marcelino Dodge, EA, CTRC, he can guide you through the process, negotiate on your behalf, and explore options like lien subordination or withdrawal.
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Stay Compliant: Ensure you file and pay all future taxes on time to avoid further complications.
Addressing an IRS lien promptly and strategically can mitigate its impact and help you regain financial stability.
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