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Form 12277 for Tampa Florida: What You Should Know

The “reformatted” notice means that the property is “safe from a tax assessment,” or that the tax has been removed from the property and the IRS will not collect on the tax with a tax lien. The lien has been removed in other words. The IRS uses Form 12277 to inform you of the IRS's decision to “reformat” your tax lien. (For more information on tax reformat, see IRS Uses Form 12326 to Reformat Tax Liens”) The IRS believes that no tax will be owed because the amount represented in the notice is substantially less than the value of the property as shown on your tax records. What's Included in Form 12277: (1) A notification that you are entitled to a “tax-free” benefit under Section 1367 of the Internal Revenue Code. (2) Identification of the property being secured by the tax lien notice. (3) A statement that the notice is signed under penalties of perjury. (4) A statement that the notice will be reviewed by the appropriate agency of the Internal Revenue Service for cancellation under instructions specified in the notice. The notice can be  cancelled if at any time after it is issued a Federal tax lien has not been filed or, after the notice is issued, there is a change in control of the property. (5) An explanation if you qualify to file Form 8379, Application for Certificate of Election by Surviving Spouse and Children to File Federal Income Tax Returns on Their Own Federal Return or if the notice of federal tax lien is “reformatted.” (6) A statement that the IRS has determined that you need no further assistance in securing the property, including a statement that you will not have to reimburse the IRS for any expenses that are incurred. If you have a prior tax lien, this statement is also included. There are two forms that are generally required to remove a tax lien; those are Form 668(Y) with the notice, and Form 8379. These are the only two ways a taxpayer can “remove” a tax lien. The forms include a request from the taxpayer to make a payment, usually 100, on any debt owed by the taxpayer to the IRS.

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