Monday, May 31, 2010

Questions for the Tax Lady: May 31st, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!


Question #1: How difficult is it to get a tax ID number for my business?

It is actually a pretty simple process. You just need to complete and file IRS Form SS-4, which can be done electronically at IRS.gov. After you complete the form you will be your EIN (employer identification number) immediately. However, you can also simply apply online at the IRS website.

Question #2: How do I get a tax lien released?

The only way to have a tax lien released is by paying your original tax debt in full or paying your liability through an Offer in Compromise. Upon the occurrence of either of the previously mentioned events, the IRS will release the lien within 30 days. For more information you should visit the IRS’s website.