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: Has Your Back Tax Debt Expired?

 

Do you owe taxes from several years ago?  Is the IRS still trying to collect from you?  Are you aware that under the Internal Revenue Code Section 6502 there is a 10 year limit on collections?

This 10 year limit starts on the day when the tax is first assessed, not when your tax return was filed.  There are also several actions that can extend the collection period.

What does this mean for you the taxpayer?  If you are still paying on taxes first assessed over 10 years, your tax debt may be gone and no longer collectable.  With a proper calculation of the collection period Marcelino Dodge, EA can determine if you no longer need to make payments.  Oh, what a relief that would be!

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
success@cashtracksfinancial.com