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State Tax Lien

Requesting a Tax Lien Withdrawal From the IRS

Requesting a Tax Lien Withdrawal From the IRS

By on Jan 14, 2018 in State Tax Lien, Tax lien, Tax Problems | 0 comments

A tax lien is one of the most damaging things you can possibly have on your credit report. In addition to the government having first rights to your property, and the ability to seize and sell it to pay off your tax debts, your credit score can really take a hit, making it difficult (if not impossible) to borrow money for a car loan, mortgage or even to apply for a line of credit.  Once you have been served with a tax lien from the IRS, this information will show up as a public record on your credit report with serious long-term implications.   Impact of a Tax Lien   You can request a tax lien withdrawal from the IRS, and this step might help you protect your credit score. The first thing that you should know is that paying your tax debt is the best way to get this process started.  If you’re unsure how you will be able to do this, consider requesting an installment agreement from the IRS, so that you can pay your debt off over time, rather than in one lump sum. If you have suffered a financial hardship, you may want to also consider applying for an Offer in Compromise, which allows you to pay your debt off for less than you actually owe. Once you have paid your tax debt off, the IRS will automatically release a tax lien within 30 days of your final payment. The Fresh Start Initiative   The IRS’s Fresh Start Initiative has made it easier to request a tax lien withdrawal in order to help taxpayers get back on their feet. Currently to request a withdrawal, which removes the public notice of a Federal Tax Lien, you must have paid the tax debt and be in compliance for the past three years in filing (all individual returns, business returns, and information returns) and be current on your estimated tax payments and federal tax deposits, as applicable.  In addition, you can now request a withdrawal if you have entered into or converted your regular installment agreement to a Direct Debit installment agreement. In this situation, you must owe $25,000 or less, and you must pay the full amount...

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How to Remove Georgia State Tax Lien From Your Credit Report

How to Remove Georgia State Tax Lien From Your Credit Report

By on Dec 5, 2017 in State Tax Lien | 0 comments

Removing a state tax lien from your credit report can be an extremely difficult task. A tax lien is one of the most serious actions the state can take against a taxpayer for failing to pay their taxes. Avoiding a tax lien all together is your absolute best strategy, but if you find yourself on the receiving end of a state tax lien, here is what you need to know about removing it. Removal of A Tax Lien The Georgia Department of Revenue (GDOR) can remove a tax lien for one of the following reasons: Cancellation of Liens: The GDOR can cancel a tax lien when the tax liability in question has been resolved. Withdrawal of Liens: If you believe that the lien you have been issued was issued in error, you can request that the GDOR withdraw the lien. Release of Expired Liens: Expired liens do not attach to any property interest of the taxpayer whose name appears on the lien. A Tax Lien on Your Credit Report If you have received a tax lien from the GDOR or the Internal Revenue Service (IRS), there is no real way to prevent it from reaching the credit bureaus. Having a tax lien on your credit report can cause you serious trouble when it comes to your ability to get a loan or apply for a credit card. It’s always best to avoid reaching this point if at all possible, even if you need to apply for an installment agreement, an Offer in Compromise, or take out a personal loan to pay your tax debt. How to Remove a Tax Lien In order to remove a tax lien from your credit report, you will need to communicate directly with each credit bureau and make this request. The GDOR does not have control over how long a lien stays on a particular credit report. Tax liens are public information and a state lien can stay on your record indefinitely (while a federal lien typically stays on your credit report for 7-10 years). You can request a copy of your credit report at any time to find out if there is a lien that may be negatively impacting your credit score. The...

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Georgia’s State Tax Liens Statute of Limitations

Georgia’s State Tax Liens Statute of Limitations

By on Nov 26, 2017 in State Tax Lien, Tax relief, Tax Resolution | 0 comments

  If you have received notice that the Georgia Department of Revenue (GDOR) has issued a tax lien or are concerned that this may be on the horizon, now is the time to act and resolve your back tax debt once and for all.  A tax lien is a very serious legal claim that the state can issue against taxpayers that gives legal claim of your property to the state as security or payment of your tax debt.  A tax lien is generally a last resort effort by the GDOR, after many attempts have been made to recover a taxpayer’s debt.  It can have significant impact on your personal (or business) financial outlook, including your credit score and ability to qualify for a wide variety of loans. How to Release a Georgia State Tax Lien A release of a tax lien is possible and can be obtained if you meet one of the following criteria: When the tax liability has been resolved (ie. paid in full); If you can prove that the lien was filed in error (you can request a formal withdrawal of the lien); Expired liens (also known as statute-barred liens) do not attach to any property interest of the taxpayer whose name appears on the lien. Statute of Limitations Related to State Tax Liens   There is a defined statute of limitations on tax liens that you should also be aware of. State tax liens must be filed within seven years of the assessment date of the tax liability.  Once the Georgia Department of Revenue files a lien, it has seven years from the date the lien was recorded to collect the debt from a taxpayer. It’s also important to note that a tax lien may also be renewed for an additional seven-year period by re-recording the lien prior to the expiration of the previous seven-year period. Even if a tax lien is released, withdrawn, or expires, it can be extremely difficult to get this “mark” off of your credit report if it hits one of the three main credit bureaus: Equifax Experian TransUnion National credit bureaus make their own rules for how long a tax lien can be kept as public record.  This can impact...

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