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 …
