Tuesday, December 4, 2007

Tax Lien's

Are you needing IRS Help?Have you ever wanted to know what a lien is? Below are some details that the common taxpayer would not know:
* A lien is filed by the IRS if you owe tax and is the most preferred lienholder other than a debt lienholder.
* A lien is not released until tax is paid in full or an offer in compromise is accepted or tax abated.
* Liens are filed at the taxpayers area courthouse or where they own the property.
* A lien expires generally 10 years from the assessment date. This is called a CSED-Collection Statute Expiration Date.
It can be extended for the following reasons: Bankruptcy,Out of the country, Offer In Compromise

Most people don't know that after the CSED expires, the IRS can't collect and the lien is self-released. Any TP (taxpayer) owing more than $5,000 dollars will have a lien placed upon their property;this acts as an encumbrance on all property and the property rights (owned and acquired after the date of assessment).
Congress has authorized a statutory lien to the taxpayer's property. The lien not only attaches to the taxpayer's property but also all rights to the property (real,personal and intangible). For example,if a Taxpayer owes the IRS (where a lien has been applied) and sells their home, the person buying the home acquires this seizure until the mortgage officer and the government are paid in full. Bare in mind that the lien is essentially attached to the person.

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