A lien is a charge or claim against a property for the payment of a debt. A creditor’s lien does not, by itself, transfer property ownership to the creditor. There must be a levy or seizure first to force a sale. What Is A Tax Lien? When it comes to the government’s claim or charge …
General Federal Tax Liens: When They Arise And How They Affect The Taxpayer Read More »
Summary: This is a shortened version of the article What You Should Consider Before Hiring A Tax Attorney on The Sacramento Attorney Blog. In brief, tax attorney fees can be expressed as either a (1) retainer fee and hourly rate or (2) flat fee. Some tax attorneys offer payment plans for their fees, but consider …
Tax attorneys help clients navigate tax disputes and utilize available tax deductions, credits, and exemptions. However, not all tax attorneys do the same thing. Most local tax attorneys focus on tax resolution; or more specifically, help clients resolve tax debt with the IRS and State tax agencies. For instance, tax resolution attorneys will represent clients …
A property levied by the IRS and seized must be disposed of by sale. After that, the IRS will apply the sale proceeds to the taxpayer’s liabilities in the manner prescribed by the Internal Revenue Code. If you are a taxpayer experiencing a tax levy, just because your property has been sized doesn’t mean that …
IRS Redemption of Real Estate and Personal Property Read More »
When it comes to federal taxes, a creditor-debtor relationship is created between the IRS and the taxpayer. The IRS is a government creditor, and its claim against the taxpayer for unpaid taxes is a form of debt. IRS Debt Collection Debt collection by the Internal Revenue Service is different from that of a general creditor. …
How The IRS Is Different Than Your Typical Creditor Read More »
Whenever a debtor cannot pay a debt, the creditor may secure payment through a claim or charge on the debtor’s property. That claim or charge on a property is called a lien. However, by itself, the lien does not transfer the debtor’s property to the creditor. Rather, the lien gives the creditor the ability to perform …
Nothing lasts forever. The same is true with tax liens. A general tax lien exists when the assessment is made. It continues until the taxpayer satisfies the assessed amount of tax liability, or it becomes unenforceable by the lapse of time. Duration of General Tax Liens As stated above, an IRS tax lien becomes unenforceable …
Among the various tax relief options available to individual taxpayers, filing for currently non-collectible status (CNC) is one of the most confusing and difficult options. The process is even more difficult if you’re doing it without the help of a tax lawyer. Yet, currently non-collectible status can dramatically improve finances and secure relief from IRS …
Common Misconceptions about Currently Non-Collectible Status Read More »
As people facing IRS collections understand all too well, the power to tax involves the power to destroy. A cycle of bank levies, wage garnishment, offset tax refunds, and recorded tax liens can demoralize tax debtors. Worse yet for the government, that cycle of IRS collections can incentivize tax debtors to not comply with future …
Why Does The IRS Even Want To Settle Tax Debt Through An Offer In Compromise? Read More »
As a bankruptcy attorney, I regularly encounter tax debt. However, bankruptcy is not always the perfect vehicle for achieving tax resolution. In brief, recent income tax debt, payroll tax liability, and other non-dischargeable tax obligations cannot be eliminated in chapter 7 bankruptcy. In general, only income tax debt at least 3 years old whose tax returns were …
