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AK Form 12277: What You Should Know

This form is used to request the IRS to remove the tax lien from your credit report. The tax lien will not be removed until your tax account is successfully investigated or the lien release has been entered under “Resolving Debt”. However, if your Federal Tax Lien has been previously resolved and can be removed in that manner, the application form can be used to remove a previous Tax Liens. The IRS may consider this form a waiver of the right to collect the tax lien if there has been no other debt and no tax liability or a dispute exists between you and the IRS on the amount owed. For example, the tax lien would remain in place if you were unable to pay your bills in full for a period of a year and an assessment became due. Tax Liens on Credit or Debit Cards The term Tax Liens typically refers to a tax lien on your credit or debit cards that was reported to the IRS or to the credit reporting agency to help obtain a credit. Tax liens are not limited to federal tax refunds or government loans, although generally the terms associated with these accounts are considered to be tax liens. Doing a credit or debit card account discharges your tax lien if you paid the tax on the account during a tax year. If tax lien remains due in the future, this may have a big impact from being unable to obtain a new or current credit card or other financial assistance, and may be considered as being a “debt”. Even though you may not have to wait another year for a refund, you will likely not be able to get a new finance charge placed on your credit card again. Credit card accounts that have been paid off in full or are less recently paid off generally have no liability associated their account as opposed to a charge made against a tax lien account. However, be cautioned that it may have an impact if there is a dispute about the tax liens. Your credit card company may consider your tax debt as a disputed credit card debt. If there is any outstanding debt due, you must notify payment of this debt to the credit reporting agency. If you have a payment or payment history for your credit card or other financial assistance accounts in a timely manner then your credit card company will typically do a record check on you to find any disputed debts.

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