Colorado Springs: How Can I Resolve an IRS Lien?

 

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:

1. Understand the Lien: First, comprehend the lien notice. It indicates the IRS’s claim on your assets until the debt is settled.

2. Verify the Debt: Ensure the lien is accurate. A tax professional can help you determine if the owed amounts are correct. 

3. 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.

4. 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.

5. 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.

6. 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.

Cash Tracks Financial of Colorado Springs
Marcelino Dodge, EA, CTRC
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
www.cashtracksfinancial.com
success@cashtracksfinancial.com

Colorado Springs: How Can I Make Payments To Payoff My Federal Tax Obligations?

 

How easy is to make a payment arrangement to payoff your federal taxes?  Some advertisements make it seem that just anybody can get a payment arrangement or an accepted Offer in Compromise (OIC) with the Internal Revenue Service (IRS).   With a payment plan a taxpayer agrees to make payments over time to the government of their tax.  Some installment agreements require the submittal of financials by the taxpayer.   With the submission of the financials, a taxpayer may be telling the government about a paid off house, a substantial IRA, or other assets that the taxpayer would prefer not to disclose.  What are the types of Installment Agreements?

1. Regular Installment Agreement -- Full disclosure of financials and assets; Results in full payment based on the statute
2. Partial-Pay Installment Agreement -- Full disclosure of financials and assets; Does not result in full payment; Government revisits in 12 months to see if payment can be increased.
3. Streamlined Installment Agreement -- No financial information required;  Full payment in 72 months or the time left on the statute.

Which installment agreement is best for you? What is required to qualify for an installment agreement?  Marcelino Dodge, EA of Cash Tracks Financial will examine your situation to help determine the best course of action for your circumstances.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA

525 N Cascade Ave

Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

(Call for an in person or video conference appointment)

Colorado Springs: Can I Sell My Property If the IRS Has Filed a Lien?

 

Received a notice from the Internal Revenue Service (IRS) threatening to file a lien?  Or, has the IRS already filed the lien and you are concerned how that affects your ability to sell some of your assets?

If you are in the position of the IRS sending you notices about liens, have you been not responding to prior collection efforts on taxes owned to the IRS?  Do you perhaps have unfiled tax returns?  

The Internal Revenue Code Section 6321 authorizes the filing of a lien on a taxpayer to protect the government's interest against 3rd parties, if the IRS is owed more than $10,000.  The government then steps into the shoes of the taxpayer with the limit to what is owed to the government.  Even with the filed lien, you can still sell your home, but your lender and the IRS will be paid before you receive any proceeds.  You can also still make offers to collections, set up a payment plan, and submit an offer-in-compromise.

To carefully maneuver through this tax resolution process we suggest contacting an Enrolled Agent such as Marcelino Dodge, EA with Cash Tracks Financial Inc.   

Cash Tracks Financial Inc.

Marcelino Dodge, EA

525 N Cascade Ave

Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

(Call for an in person or video conference appointment)

Colorado Springs: How to Deal With IRS Collections Notices

 Are you one of the 15 million taxpayers to receive an IRS notice of collections? Do you have unfiled tax returns? Has the IRS filed a substitute return for you? Did you know that IRC section 6020 allows the governments to prepare a valid return based on 3rd party information? If you answered "yes" to any or all of the above questions, getting compliant with the IRS will be the start of solving your tax issues. How do you get compliant with the IRS?

Step1: Find the right tax professional -- This not just the person who prepared your tax return. We recommend either an Enrolled Agent or a CPA who specialize in tax resolution to guide you through process.

Step 2: Have the tax professional file that last 6 years of tax returns.

Marcelino Dodge, Enrolled Agent of Cash Tracks Financial of Colorado Springs will guide you through the process, get you compliant, and help to resolve your tax debt.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA

Colorado Springs: (719) 359-8789

www.cashtracksfinancial.com

(Call to schedule an in person or video conference appointment)