Hello everyone! If you have been following my progress with the IRS Offer In Compromise, then here is great news! I have reached the final steps in this whole awful process! I mailed in the $100 payment a few weeks ago that I had offered as my final payment to get the OIC. I called the IRS to confirm they received payment. They did and they released my 2 federal tax liens on 2/1/2010! Yeay!!! My tax balance is officially zero!
Thank goodness because I swear, once you get under the belly of the IRS… the fees and interest make it impossible to get out from under them. It’s like the student loan that you can never escape.
This couldn’t have happened at a better time. With my husband and I buying our first home, I never could have been on the deed with those tax liens. That really would have bothered me.
Please know, I do believe in paying your taxes. It makes the world go ’round. I have been paying my taxes on time and in full for many years. One bad year a long time ago can screw everything up for you and it can seem like there is no way out. So, I am grateful for the immense help I just received from the IRS.
Now I am waiting for the letter of lien release. Then the final step will be to get the liens updated on my credit to show released. I’m not sure just yet if they can be removed completely, but I will work on that.
Tags: IRS Offer in Compromise, IRS tax lien, OIC, tax debt, tax help, tax relief, tax settlement
Tax Liens are effective for a period of ten years and are generally self-releasing after that period unless refiled by the IRS in which case, it shall be effective for another 10 years.
Hi. Did you process your Offer in compromise yourself or did you pay a professional to assist? i am in a similar situation and i really cant afford the professionals.
Mark, I did all of it on my own. The IRS website has all of the instructions you need. As long as you follow them, then you will be fine doing it on your own. If you make mistakes, they will let you know and give you a chance to correct them. You can also call the IRS and speak to someone in person if you need assistance. They have a unit specifically for the Offer In Compromise. As you progress through their various steps, they give you new phone numbers for contact and help. It’s a lot of paperwork, but nothing that the average person couldn’t get through. Just take your time, don’t rush. Make sure you have everything in hand before you start. The instructions will tell you what you need. Mostly common sense stuff. And don’t be afraid to offer a low amount to them because they will come back with a counter offer if they don’t like it.
Hope that helps!
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