IRS To Help Homeowners Refinance Or Sell Homes

Dick

A better move by IRS Public Affairs and a Commissioner who seems to have some political instincts. These processes have been in place since the Federal Tax Lien Act of 1966.

The snag in getting them done timely has primarily been incompetent real estate agents who don't know about them and lazy title company employees who don't sound the alarm fast enough. Hopefully IRS has streamlined the process as best they can, but considering that I've gotten them done in less than 24 hours start to finish, I don't see much they could have changed from what was already in place.

This process has been around a long time. What is new is that they will try to accomplish it much faster. They say it takes 30 days before this news release but it has been more like 45 to 60 days.

The subordination process has been available probably since the inception of the tax lien. This sounds like a good attempt to publicize it and make it more user friendly.

I know your up to speed Phil, but advice to others.......!

Consult pub's 783, 784, & 785 depending on the situation Also consult Pub-1660 on where to route the application. Make sure the Application is complete!

And most importantly, the TP/Bank/Lawyers need to bust but to make the deal work.

The TP needs to be in ~CURRENT~ compliance with: filing returns that are due and make Estimated deposits or Proper Wage Withholding!!