Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
FORM 668Y
Form 668Y, also known as the Notice of Federal Tax Lien (NFTL), is a public document filed by the Internal Revenue Service (IRS) with local or state authorities to alert creditors that a taxpayer owes the government unpaid taxes. The NFTL gives the IRS a legal claim to the taxpayer’s property, including real estate, personal property, and financial assets. The IRS files Form 668Y when a taxpayer has not paid their taxes after being assessed and given notice of the amount due. The NFTL serves as a way for the IRS to secure its interest in the taxpayer’s property and ensure that the government’s claim is paid before other creditors.
Reasons why it happened:- Unpaid income taxes
- Unpaid payroll taxes
- Unpaid excise taxes
- Unpaid estate taxes
- Unpaid gift taxes
Consequences of having a Notice of Federal Tax Lien
- Difficulty obtaining loans or credit
- Garnishment of wages
- Seizure of property
- Liens on real estate
- Negative impact on credit score
How to remove a Notice of Federal Tax Lien
- Pay the taxes in full
- Enter into an installment agreement with the IRS
- File for bankruptcy
- Have the IRS determine that the lien is unenforceable
Important Tip: Not sure where to begin? Try our Tax Relief Finder tool. It helps you find IRS programs and gives recommendations for the best solution. Learn about our - Tax Relief Program Finder
Important Tip: Understanding the Tax-Relief process is an essential resource for individuals dealing with tax debt. It offers a road map guide, simplifying the steps needed to resolve tax-related issues- Tax-Relief Process
Ask Mike
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Recent Posts
Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
Substitute for Return ( SFR )
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
Has my tax debt statute of limitations expired?
Click to ask Mike Ask Mike The Internal Revenue Service typically operates within a 10-year window, commencing from the
The Three Types of IRS Statute of Limitations
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) operates within specific timeframes dictated by statutes of limitations
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Disclaimer: This is educational content, not legal, accounting, or tax advice.
