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Video instructions and help with filling out and completing irm lien discharge
Hey folks enrolled agent Jason Bowman here and as you can see I've got the beautiful seattle skyline in the background behind me cry even see little bit of the water I wanted to give you a real quick video here talking about federal tax liens if you have a tax debt to the IRS that exceeds 10 thousand dollars it's pretty much guarantee that you're going to have a tax lien filed against you and this can obviously be a bad thing impact your credit score it could impact your ability to rent a house or get a job if you have a job with a security clearance it could actually even cause you to lose that security clearance and actually therefore lose that job now a lot of people ask me how do i get a federal tax lien removed well fortunately if you enter into a payment plan with the IRS and you owe less than 25 thousand dollars then then you can go into what's called a direct debit installment agreement that means that if you have the monthly installment agreement payment taken directly out of your bank account then they will release the lien after you make your first couple of payments so if you ol s than $25,000 be sure that you take advantage of that now if you owe more than twenty five thousand dollars this rule does not apply even if you're in a monthly payment plan even if you're making payments on an offer and compromise even if you're in non collectible status they will not release the federal tax lien now if you need to let's say refinance your house in order to do a cashout refi and use that money to pay off some of the IRS debt you get what's called the lien subordination and the subordination will basically put the federal tax lien in a secondary position below your mortgage and you can use that money to pay off the tax debt and then after that's paid off then the complete lien will be released if you need to sell an asset say a car or boat something like that and part of the pros from the sale are going to go to pay off some of the tax liability then what you need is what's called a certificate of discharge both of these processes are very similar and they take between 30 and 45 days to accomplish now if you oh I can said earlier more than 25,000 dollars here's the bad news no matter what you do do not in any way she perform expect the entire federal tax lien to ever be released unless you pay off the liability there are very rare exceptions to this but the harsh reality is that the the vast majority of you watching this will not qualify for one of those exceptions and the thing that I really want you to be aware of is that there's.