What is a Tax Lien?
A Federal Tax Lien or State Tax Lien gives the Internal Revenue Service, California Franchise Tax Board, or your State Department of Taxation a legal claim to your property as security or payment for your tax debt.
What is a Innocent Spouse Relief?
Innocent Spouse Relief (called form 8857) is a form of tax relief that can relieve you of your tax debt liabilities, interest, and penalties as a result of filing a joint tax return with your current or ex-spouse.
What is a Lien Subordination?
If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there are options. The Tax Attorney at Direct Tax Relief will negotiate with the Internal Revenue Service to make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan.
What is a Currently Not Collectible?
Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debt. When the taxpayer demonstrates they are in severe financial hardship and have no ability to make monthly payments or liquidate assets in order to pay their back taxes, the Internal Revenue Service can declare the account "currently not collectible."
What is a Trust Fund Recovery Penalty?
To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the Trust Fund Recovery Penalty.
What is a Collection Statute Expiration?
The Internal Revenue Service has 10 years to collect outstanding tax liabilities, from the date assessed. The 10-year mark is calculated from the day a tax liability has been finalized. A tax liability can be finalized in a number of ways. It could be a balance due on a tax return, an assessment from an audit, or a proposed assessment that has become final.
Who is Direct Tax Relief?
Direct Tax Relief is a tax debt resolution company that assists individuals and small businesses with their IRS tax problems as well as State tax problems. Our firm of experienced Tax Attorneys, certified tax preparers, tax resolution specialists, and tax consultants specialize in providing IRS tax relief across the country in all 50 states.