tax liens Archives

How federal tax liens are treated in a foreclosure

When a homeowner in Maryland or any other state fails to pay taxes, it could result in a lien being placed on that person's property. Eventually, it could lead to the property being sold at auction. In one case, a home was auctioned twice to two different bidders after an individual failed to pay both local and federal taxes. Multiple auctions occurred because the local authorities failed to communicate with federal authorities.

Understanding the concept of choate

The word choate is one that Maryland residents might not be familiar with. If something is choate, it is considered to be justifiable against other claims. This concept generally comes into play when the IRS puts a lien on a person's property for failing to pay an assessed tax debt in a timely manner. However, it is possible that other entities may have already moved to place a lien.

Methods for resolving a federal tax lien

A variety of reasons could cause a person in Maryland to fall behind on his or her federal taxes, but the federal government has substantial powers to compel someone to pay. A federal tax lien represents the government's claim on a person's personal or business property, which includes real estate. The Internal Revenue Service takes this step to secure the amount that is owed to them. People that are dealing with this action have some options for managing the consequences and potentially preventing the forced sale of their property.

Multiple tax liens may lead to legal issues

Maryland residents who are interested in redeeming tax liens on properties in order to secure deeds to them might be interested in a North Carolina case that examined whether local tax liens or federal tax liens are superior. The case involved a property that had both a municipal tax lien as well as a federal lien and separate purchasers under two foreclosure sales.

Tax liens can severely punish businesses

While the following story doesn't come from here in Maryland, the lessons it teaches about businesses and tax liens are applicable no matter where it originates. A start-up company in San Antonio, called Vysk Communications, has been hit with a tax lien by the Internal Revenue Service. Vysk is a company that produces "privacy" cellphone cases, with the intent of the case being that your microphone can be muffled and your phone's camera can be blocked -- thus preventing proprietary parties or third-parties from accessing private data that is knowingly or unknowingly captured.

Processes bind the IRS to comply with the law

The word "process" is boring and dull, and it is meant to make you feel bored. It is a term that no one wants to think about for too long. It's vague and uninteresting -- and yet, in relation to the Internal Revenue Service an tax issues, the word "process" holds significant meaning for taxpayers. IRS processes can actually protect you, John Q. Taxpayer, during any tax collection process or seizure process.

Numerous MSNBC personalities dealing with tax liens

We have written about tax liens before, and today we have an interesting story about this imposing penalty that the Internal Revenue Service can apply to those who run afoul of tax laws. MSNBC has at least six host or pundits right now that are under a tax lien, with two others who left the network recently also under a lien. They include such prominent personalities as Chris Matthews and Al Sharpton.

CPA or lawyer: Who do you need for your tax issue?

When you have a tax issue to resolve, it can be difficult to know if the matter is best resolved through a certified public accountant (CPA) or a qualified tax attorney. In most situations, the particular circumstances will determine if one or the other, or both, are needed.

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