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Tax Glossary

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  • Default

    Failure to repay an outstanding debt as agreed.

  • Discharge of Federal Lien

    Authorized under the IRS Code. The process whereby the taxpayer or interested third party applies to have the federal tax lien removed from a specific piece of property or other asset. The discharge may be granted if:
    • IRS has no interest in the property,
    • IRS will receive the net proceeds from the sale of the asset, or
    • The taxpayer has equity in other assets equal to 3 times the amount of the tax liability.
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