McGuireWoods reports that the IRS can now legally withdraw a federal tax lien after it has been released, if "doing so would be in the best interests of the taxpayer and the United States." This announcement could significantly benefit taxpayers with respect to their credit rating, especially small business owners, who would have satisfied their tax liability after the IRS files a Notice of Federal Tax Lien (NFTL). Unlike a release of an NFTL, which is seen on and affects taxpayer's credit history for a seven year period, a withdrawal of an NFTL would permanently delete any reference thereto from a taxpayer's credit history as if an NFTL was never filed.
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Posted by Mariya Link Associate Editor, Wealth Strategies Journal.
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