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Los Angeles, CA (PRWEB) December 27, 2012
Platinum Tax Defenders, an experienced tax resolution firm, points out that the IRS is exceptionally protective of a taxpayer's personal information. Therefore, the IRS typically does not report delinquencies, and payment plans placed on the taxpayer for non-payment to the credit bureaus, also qualifying and using the Offer In Compromise does not have a negative impact on taxpayers credit report. However, unsettled back taxes will lead to tax liens, which will ultimately be reported to the credit bureaus and utilized to assemble credit reports and scores.
Approximately 57 million people in the United States owe back taxes to the IRS; this statistic persists despite the many services that are available to taxpayers to file their taxes by the due date such as the commonly used e-file option free file. Prior to the IRS Fresh Start program announced in early 2011, IRS tax liens used to remain on taxpayers credit reports for seven years from the date they were paid or satisfied. The agency now officially withdraws tax liens reported to credit bureaus if, and only if, the taxpayer pays back tax debts in full or starts an installment tax repayment program that will eventually result in full payment of all back taxes owed. Tax experts at Platinum Tax Defenders say that many taxpayers do not know or seem to forget that this is not something that happens automatically; taxpayers must ask the IRS for the withdrawal of the tax lien from their credit report.
Finding the right solution to such tax matters are never easy, especially when having to do with tax liens, and bank levies that get reported to credit bureaus and damaged credit history. Professionals tax experts such as Platinum Tax Defenders serve both as a representative on taxpayers behalf in dealing with the IRS and negotiating a payment plan and removing tax liens reported to credit bureaus. Resolving getting help with back taxes and removing tax liens from credit reports is essential to tax payers in their efforts to start a healthy financial life and resolving issues that add stress to their lives. Doing so requires taking certain steps that are crucial in releasing liens and levies, but unfortunately there are no black and white and one size fits all solutions.