When your tax debt gets sufficiently large, or your plan to resolve that debt will take more than a few years to pay it off, the fact is that the taxing authorities will likely file Notices of Federal Tax Lien. The liens are intended to secure the debt, and they give notice of the government’s …
If you or your business owe money to the IRS, the fear of a tax lien might keep you up at night. Will the IRS file a tax lien? When will the IRS do so? What will happen once the IRS files a lien? Before I answer these questions, is important to understand the following …
Arguably one of the most expensive and therefore most important purchases one makes during their lifetime is a home. Due to the magnitude of the purchase, the entire process can be very intimidating, scary, and consequently result in a lot of stress and anxiety. At least I know it did for me. Combine that with …
Before I answer this question, is important to understand the following definitions regarding liens: A “tax lien” means a taxing authority has a claim against all of the taxpayer’s rights to property. A “filed tax lien” means the taxing authority filed a public notice stating a taxpayer owes tax liabilities. The taxing authority usually files …
Federal IRS Tax Lien An IRS Tax Lien is a legal claim on your property for the amount owed. An IRS tax lien is also the legal right to collect on the amount owed. An IRS Tax lien starts when a tax is assessed and you don’t pay it. For example, if you file a …
What Is An IRS Tax Lien And How Does It Affect Me? Read More »
In this blog, I’m going to talk about situations that I truly hope you don’t find yourself in. I’m going to talk about the narrow circumstances under which the IRS can force you in front of a court of law, or even put you in jail. Knowing what kinds of behaviors could trigger the wrath …
Can I Wind Up in Jail or Prison for Unpaid IRS Taxes? Read More »
The good news is that the IRS cannot just file a Notice of Federal Tax Lien (NFTL) without any warning or notice. Several things must first occur before an NFTL gets filed. An assessment must be made, notice and demand for payment must be made, and the taxpayer must neglect or refuse to pay the …
Earlier this year, I received a voice message from a producer for a television show called Moving America Forward, hosted by William Shatner. The message stated that they were interested in speaking with me about possibly appearing on their nationally broadcasted television show. Moving America Forward Interviews Fortress Financial Services I was intrigued to say …
You invested your entire savings and better part of your working life into your business in an attempt to have it succeed and ultimately grow. During this time many unforeseen obstacles occurred that caused you to have to make difficult decisions, one of which was to forego making a tax deposit in order to remit …
Understanding IRS Successor, Alter Ego , Nominee, And Transferee Liability Read More »
The Internal Revenue Service is one of the largest government agencies in the world. With around 90,000 employees and a budget in the billions, it’s truly an empire within our government, and its rules and regulations are not wholly known by any one single human being. Therefore, as you can imagine, it’s possible that the …
On December 4th, 2015 President Barack Obama signed into law the “Fixing America’s Surface Transportation Act” to improve the Nation’s surface transportation infrastructure. Also referred to as the FAST Act, the legislation included a provision which requires the Internal Revenue Service to outsource certain tax debts to private debt collection agencies. The idea behind the …
Congress Instructs IRS To Outsource Collections To Private Companies Read More »
Recently I was engaged in a heated discussion with an IRS Settlement Officer. The subject was an Offer in Compromise (Tax Settlement) I had filed on a client’s behalf. The IRS did not want to approve our Offer because they noticed that my client had been late with a few tax payments during the time …
If you or your business have gotten behind with the IRS, a tax settlement, also known as an Offer in Compromise (OIC), might be the best way to get rid of your tax liability—if you qualify. There are three general categories of OICs: Doubt as to Liability (I don’t actually owe this tax), Effective Tax …
Get a Tax Pro to Settle Your IRS Tax Liability (OIC) Offer in Compromise Read More »
If you owe taxes to the IRS, a tax lien automatically arises against you and attaches to just about everything you own. This is sometimes called a secret lien since the government’s claim does not initially appear in any public records. Rather, the lien automatically comes into existence when the tax liability is assessed. Eventually, …
How to Sell an Asset That is Subject to a Notice of Federal Tax Lien Read More »
Question: Will the IRS garnish my wages or Levy my wages? How can I avoid this? Answer: In order to answer this question effectively, some background and definitions with regards to IRS procedures are warranted. A levy on wages is where the IRS effectively takes a portion of ones wages and applies it to the …
