IRS Federal Tax Lien

The IRS says two-time Academy Award winning actor Robert De Niro owes Uncle Sam more than $6 million in taxes, $6,410, 449.20 to be exact.  A tax lien is a legal notice of claim on property owned by the tax payer whose taxes are outstanding.  It also serves as a formal warning to all other creditors that the US government has claim to the property.  Unless the tax debt is repaid withing a stipulated period, the IRS will proceed to seize the property.

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A huge percentage of all individual tax returns processed by the Internal Revenue Service's modernized account information computer system. Known as the Customer Account Data Engine, or CADE. This system is the centerpiece of modernization efforts at the IRS. CADE is handling significantly more tax returns each year. CADE, which is at the core of the effort to replace many of the agency's aging systems, dramatically speeds up internal IRS processing, permitting taxpayer accounts to update on a daily basis. This helps the IRS better administer the nation's tax system. The IRS is rolling out CADE in a series of "releases," each improving on and adding to the system capabilities. CADE was envisioned to replace the legacy Master File system, parts of which date back to the Kennedy Administration and will eventually house the account information of more than 200 million individual and business taxpayers.

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The IRS may generally file a Federal Tax Lien against your personal and real property to secure the government's interest in your outstanding tax debt so it has priority over other creditors. If you receive a notice of federal tax lien, how can you get it removed? Outside paying off your tax debt in full or having the statute of limitations expire, removing a federal tax lien is a difficult task. Hiring a qualified tax professional to advise you and work on your behalf is almost always necessary if you cannot pay the debt in full, or if you cannot post a bond guaranteeing you will pay the debt in full. By law, a filed notice of tax lien can be removed if: the notice of federal tax lien was filed too early or violated IRS procedures, you enter into an installment agreement to pay the debt and the agreement provides for removal of the federal tax lien, removing the federal tax lien will speed up collection of the liability by the IRS, or removal of the federal tax lien would be in the best interest of both the taxpayer and the government.

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Yesterday I was contacted by Gerri Detweiler who is associated with She had some questions about Federal Tax Liens, credit and how to get them released. While I was typing her answer, I thought that my blog visitors might benefit from this information as well.

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If you have suffered the IRS Problem of a tax lien, you are ready to do whatever you need to do to be rid of it.  Your lien amount is a matter of public record until your lien is paid-in-full.  You will want to get this information removed from public record as soon as you can.

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