Federal Tax Lien Form 668-Y
I live in Missouri. I have my original Notice of Federal Tax Lien Form 668-Y from 10 years ago (yeah, I save everything). The release information indicates that "...this notice shall on the day following such date, operate as a certificate of release as defined in IRC 6325(a)" So what is the next move after the release date? Do I send a copy of this form to the CRAs? So I send the form to the Recorder of Deeds?
I've worked so hard for the past six months to get my credit reports cleaned up and have managed to raise my scores almost 95 points since September. I'm so excited to finally get this last major milestone removed.
Re: Federal Tax Lien Form 668-Y
Okay, I posted then deleted this twice because [drumroll] tax law is confusing.
Number one, you need to be sure IRS hasn't refiled the lien. It should be refiled in any jurisdiction it was originally filed, so a public records check just prior to expiration of the original will usually let you know. But also check your county of current residence if different than the original jurisdiction.
There are two SOL's: One for the lien which represents IRS's security interest in property, and one for the tax liability itself. Note that anything that tolled the SOL on the tax liability itself(not the lien) like negotiating a payoff, an offer in compromise, etc., could make the tax liability SOL extend beyond the NFTL.
Things that toll the SOL on the liability/collection statute are: Execution of Form 900 Tax Collection Waiver. Offer in compromise. Assets of taxpayer in custody of a court in certain types of proceedings. Judgment for the United States. Absence of taxpayer from United States. Military deferments. Appropriate actions suspending or extending the collection statute. 5.12.1.17.1 (02-22-2000) Criteria for Refiling
The refiling period lasts for 1 year. For the first refiling, the period begins nine years and 30 days from the date of assessment and ends 10 years and 30 days from the date of assessment. For example, if the assessment date is 3/1/85, the first refiling period will be 3/31/94 3/31/95. For subsequent refilings, each period begins nine years after the end of the previous refiling period and ends 1 year later. An example using the first refiling period above is that the second refile period would be 3/31/043/31/05.
As a general rule refiling should occur between July 1 and November 30 each year in order to allow sufficient time for processing a notice of change of address at the Service Center. For calculation of the required refiling period, see Exhibit 5.12.11.
The following is an example of the "Required Refiling Period" On March 1, 1985, an assessment of tax was made against A, a delinquent taxpayer, and a FTL for the amount of the assessment arose on that date. On July 1, 1985, a NOTICE OF FEDERAL TAX LIEN was properly filed. The NOTICE OF FEDERAL TAX LIEN filed on July 1, 1985, is effective up to and including March 31, 1995. The first required refiling period for the NOTICE OF FEDERAL TAX LIEN begins on April 1, 1994, and ends on March 31, 1995. A refiling of NOTICE OF FEDERAL TAX LIEN during that period will extend the effectiveness of the NOTICE OF FEDERAL TAX LIEN filed on July 1, 1985, up to and including March 31, 2005. The second required refiling period for the NOTICE OF FEDERAL TAX LIEN begins on April 1, 2004, and ends on March 31, 2005. 5.12.1.17.2 (02-22-2000) Required Refiling Period
The CRA's can report an expired tax lien as "released" for up to 7 years after notification.