Form 668D, or CP78, is issued by the IRS when certain monetary obligations have been completely cleared. It provides vital documentation, indeed confirmation, that you have discharged the liabilities and are no longer responsible for relevant debts. However, some issues may arise when dealing with this particular form. We offer our insights to provide assistance and bring clarity to the situation.
Understand the Purpose of IRS Form 668D (CP78)
Primarily, the IRS issues Form 668D (CP78) to communicate that a certain lien on your asset has been released. It often serves as a formal notification that you no longer owe a specific debt to the IRS, granting you relief from the associated financial burdens. However, receiving this form can come with questions and potential issues you need to address promptly.
Potential Issues with the Form 668D (CP78)
Incorrect Information: If any of your personal information or details regarding the financial obligation is incorrectly stated on the form, you will need to contact the IRS immediately for correction.
Not Received Release: Despite having paid off the debt, you might not receive your Form 668D for several reasons, which you may need to investigate with the IRS.
Lingered Liens: Occasionally, even after receiving the release, the lien could still show on your credit report, damaging your credit score and potentially influencing your chances of securing loans in the future.
Tips to Resolve Issues Related to IRS Form 668D (CP78)
We outline some pertinent advice to help facilitate the resolution of issues associated with Form 668D (CP78).
Contact the Department: Irrespective of the issue, the initial step should always be to get in touch with the IRS. Ensure you have all relevant documents on hand when you do this.
Request a Copy: If you have not received your Form 668D but have discharged your debt, request a copy from the IRS. They are obligated to provide this documentation.
Consult with a Professional: This is particularly advisable if discrepancies persist despite your efforts to resolve them. Professionals with speciality in tax law will guide you with their expertise.
Frequently Asked Questions (FAQs)
How long does it take to receive Form 668D (CP78) after discharging a debt?
Typically, the form should be issued within 30 days of the full payment of a debt. If you have not received it within this timeframe, it’s advised to contact the IRS.
Can I request another copy of Form 668D (CP78)?
Yes, if you have misplaced or did not receive the original release certificate, you are entitled to request a copy from the IRS.
Can I remove a lien from my credit report that has been released?
Indeed, you can and should have an incorrect lien removed. You may need to refer to your Form 668D while communicating with credit bureaus.
Dealing with form 668D (CP78) can be challenging, and issues may arise. However, by understanding the essentials of this form and taking appropriate steps promptly, you can effectively manage and resolve these potential complications. When in doubt, don’t hesitate to seek professional tax advice.