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What affect does a federal tax lien have on an IRS balance

that is in excess of...
What affect does a federal tax lien have on an IRS balance that is in excess of 10 years old ?
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Answered in 6 hours by:
11/5/2013
Law Educator, Esq.
Category: Business Law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

While the IRS will not sue over a debt that is more than 10 years old, they will place liens on property, which allows them to collect on the debts in the event the property is sold as they have a security interest in that property. The lien is valid for 20 years and they can renew it before that time.



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This is NOT the practice of law nor is it legal advice to you, it is merely educational information for you to use to seek out a licensed attorney in your state to get actual legal advice from them. Please use sites such as http://www.martindale.com or http://www.lexmundi.com or http://www.hg.org to find a local attorney to get actual legal advice in all matters.
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Customer reply replied 4 years ago

If they grant a payment in compromise to settle will they release the lien at that point ?

Thank you for your response.

Yes, if they agree to a payment in compromise, then they will issue a release of lien as part of that agreement.
Law Educator, Esq.
Category: Business Law
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Experience: All corporate law, including non-profits and charitable fraternal organizations.
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