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Form 668(Z) Houston Texas: What You Should Know

IRS Lien Release Procedures for Taxpayers With Bank Accounts and/or Insurance Contracts — General Lien Procedures The rules governing the release and release of lien documents and interests depend on the status, category and category of the lien document, and the taxpayer's relationship to the IRS. For example, a taxpayer that has no relationship to the IRS will have very little opportunity to negotiate a release. For taxpayers that do not meet the “special case” exception described by IRC Section 7212(c), a release is generally automatic even though there may be some negotiation. Once the release is effected and the IRS has completed examination, the IRS can begin collection actions to collect the unpaid tax due on the balance. For taxpayers that owe income taxes, a release must be approved by the IRS and signed by a representative of the Commissioner of Internal Revenue prior to the notice of a release being mailed to the taxpayer. Categories that do not require a release include: tax lien on property, tax lien on business, tax lien on income, tax lien of any kind, tax lien on any other income (i.e., wages, interest or dividends), and other exemptions. The IRS does not routinely provide information on whether the release will require the consent of a third party if the tax is not paid within three years of the estimated payment date. Taxpayers that choose to accept a release from a third party that is not required to sign a release could be subject to adverse action, including audit, arrest, garnishment and/or criminal prosecution, for failure to make the required third party consent for release. If a tax lien, which is not subject to a release, is not paid within five years of the estimated due date, it can be sold, and any proceeds received should be refunded or offset against the tax that remains unpaid. The IRS does not generally require the release of a lien with respect to noncorporate taxpayers (i.e., individuals, partnerships, S corporations, and other tax-qualified partnerships, trusts, and estates).

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