As a former IRS agent and teaching instructor with the Internal Revenue Service many people do not know that the federal tax lien has a self releasing aspect.yep, right there on the face of the Federal Tax Lien!
The Internal Revenue has this self releasing aspect right in front of your eyes, however taxpayers and practitioners are kinda blind this may be because it’s right in the middle of the federal tax lien in big bold letters. plus, it is the last place you would look for release of the federal tax lien.
Many have no idea where to look for it, it is a big as day but it escapes our eye because that is the last place we expect to look.
The is a big catch, a big catch.
Before you start throwing a party and showing your neighbors or got a release of the federal tax lien, you must best to pull an IRS transcript up to make sure the statutes of limitations have expired.
The normal statute of limitations on any federal tax lien is 10 years from the original date of assessment, however certain things such as offers in compromise, CDP’s, litigation, bankruptcies and other such actions extend the IRS the normal statutes limitations.
You must pull your transcript up to find out.
If you need a transcript call us today we can read the transcript and acknowledge whether your statute of limitations is expired on this.
So where do you look to find out
The self releasing aspect of the federal tax lien is right in the very middle of the federal tax lien about four sections down and it says this in bold print.
It will say;
Important release information; for each assessment listed below, unless the lien is refiled by the date given in column E, this notice shall, on the day following such date, operate as a certificate of release as defined in IRC 6325 .
One last thing, I promise:
The IRS has a 30 day period at the end of the statutory period to refile the lien.
The 30 day period is given if IRS has reason to believe they can collect there monies.
You will usually be alerted to this fact is in fact happening and these do not come out of the blue.
This very rarely happens.
Have any questions, always best to call a former IRS agent.
