Today TaxMama hears from Bob in Goshen, NY who tells us, “I’m currently considering an offer in compromise (OIC) with the IRS. So far, no tax liens have been reported to the credit bureaus. My question is this: If my OIC is accepted by the IRS, how will this affect my credit report?
Will I be eligible for a bank loan.
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Well Bob,
If IRS never files a tax lien, your credit report will be clear. The only problem is, IRS has a nasty habit of filing tax liens on these debts. I’ve heard so many complaints from both taxpayers and tax professionals, “But, IRS promised they weren’t filing a lien!!!”
The notices and action proceed on a timed, automated sequence. If someone forgot to stop the process, that lien, accidentally, does get filed.
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The best way to protect yourself? Just find a lender now and pay off the tax in full. That will prevent the lien altogether.
Not an option? So, proceed with the offer in compromise. Pay it off in time, and it’s possible that no lien will be filed. But remember, it takes a long time to get an offer processed – sometimes two years. Even then, it may be rejected.
But if it is accepted, try to find your own, private source of funding to pay it off the deal in one shot. Even if the credit is costly. If you can, your loan will be with a regular lender, who will, perhaps, charge you a late fee, if you send your check in a few days late.
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Though, they will notify the credit bureaus if you make a habit of paying late. But that’s the worst that can happen.
IRS is more harsh. Miss a payment, and your bank account might get attached and that lien may just be filed to boot. Remember, you give IRS all the data about all your bank accounts and assets when you apply for that OIC.
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Personally, I would never want to be in debt to IRS. Too many funny things happen when collection systems are automated.
So, remember, you’ll find answers to questions about your tax debts and other tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
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