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How to Get Rid of a Tax Lien in Laguna Niguel, CA?

The IRS shows no mercy when it comes to receiving full tax money on time. On non-compliance it imposes various penalties. In some extreme cases, the taxman may also put a lien on your assets, such as properties. It limits your ability to raise further debt. It may also be devastating for an ongoing home sale or refinancing negotiations. 

In essence, tax lien means that the government now has a claim on your property. Such a situation could be catastrophic obviously. You must make prompt efforts to get this lien removed. So, how to get rid of a tax lien in Laguna Niguel, CA? Read to know further.

How to Get Rid of A Tax Lien in Laguna Niguel, CA?

The first thing that ideally should be done to ensure that your tax returns are filed fairly. 

Non-filing shows immature attitude and non-willingness to pay taxes. This could further trigger the IRS. So, even if you don’t have the money at present, make sure that your returns are filed. Ideally these should have been filed within the due time. Once it is done, assess your financial position. 

Make best efforts to arrange finances to pay off the liability. Since your commercial borrowing options are minimal here, try to get personal loans. Approach your friends and contacts to secure some of the funding. You must make every effort to arrange the money. If this is not possible, however, you may look for other options as discussed below.

If you think there is some error or room for reversal, file an appeal. 

This is basically a collection due process hearing that is filed with the IRS Office of Appeals. You will be allowed a hearing to present your case. 

Make sure you have all documents and arguments ready to be presented in front of the IRS officers.

Alternatively, you may formally approach the tax authorities for tax relief. Such relief comes in various forms. Offer in Compromise (OIC) and installments are most common forms of reliefs. However, these are granted solely on the fair estimation of your ability (or inability) to pay. 

An OIC allows you to pay less than the actual amount to settle the liability once and for all. However, funds need to be readily available to may payment within the allowed time frame. Also remember that the success rate of OIC applications is comparatively low.

A better alternative could be to get installments on your tax liability. Here, you agree to settle your debt in monthly installments rather than a lump sum amount. 

Remember that you may still need to pay interest on the outstanding amount. The success rate of such applications is relatively higher. However, you cannot afford to default on your installments, as it may result in further severe actions by the IRS. 

Lastly, in the absence of any other suitable option, you may be left with the option of filing bankruptcy. Successful bankruptcy will get rid of the outstanding liability. However, it is not a pleasant option. 

You lose control of all your assets. Also, the process is very lengthy and tiresome. There are tons of rules regarding bankruptcy. Moreover, such filings are not always successful. 

Overall, make sure that you have enough knowledge and understanding before taking any of the above steps. Analyze all available options to make an informed decision. Understand relevant consequences of one or the other option. Often, it is helpful to seek professional help. 

A qualified tax attorney is in a better position to guide you through various options and processes. Since your financial future is at stake, give tax lien the due attention and work.

USA Tax Settlement strives to help taxpayers get out from under their IRS tax debt. Unlike other so called Best Tax Resolution Companies in Laguna Niguel, CA that charge outrageous fees and don’t deliver on their promises. USA Tax Settlement employs tax professionals, tax attorneys and IRS enrolled agents so we can provide IRS Tax Debt help in Laguna Niguel, CA. Stop stressing over your tax debt and let our IRS Tax experts in Laguna Niguel, CA settle your IRS tax debt for a fraction of a cost. USA Tax Settlement can help with various IRS Tax Relief Programs or Tax Debt Forgiveness Programs. If you need IRS Tax Relief in Laguna Niguel, CA then call USA Tax Settlement today for a Free Consultation. Remember, having one of the Best Tax Relief companies in Laguna Niguel, CA on your side is your best first step.

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