Information Lien Mechanics
An IRS federal tax lien involves establishing a legal interest in a property when back taxes aren't paid. The outcome is that an IRS property lien entitles the Internal Revenue Service to some or all of the equity when that asset is either sold or recovered. A lien will be issued when the liability has been assessed, a Notice and Demand for Payment has been sent out and the balance remains unsettled 10 days after notification has been provided.
Filing a Notice of Federal Tax Lien (NFTL) enables the IRS to 'perfect the lien' which may entitle them to preference to the available equity over other creditors. Provided that the debtor makes payments towards their outstanding taxes, it is unlikely to affect the owner's right to continue living in or using that property.
Launching an Appeal to Get a Federal Tax Lien Release
An IRS manager can be asked to review the case and a Collection Due Process hearing can be requested at the Office of Appeals. This request must be filed prior to the date specified on the notice. Potential areas of discussion at the hearing include:
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