If you are concerned about whether (or when) the IRS is going to exercise its enforcement powers and make your life miserable, radio advertisements for tax relief companies may catch your attention. The general pitch is that they can possibly help in defending against...
Finding Real Life Solutions To Your Tax Problem
Tax Liens
Will the IRS be interested in seizing your property?
We have noted in a number of our posts, the power the IRS has to collect taxes; especially those that are past due. The IRS may place liens on property, and even exercise levies on homes, cars and even financial accounts. After all, the federal government...
Rapper Nelly hit with IRS tax lien
Grammy award winning hip-hop artist Nelly is apparently in the crosshairs of the IRS. The artist known for hits such as "Country Grammar" and "Hot in Here" has been saddled with an IRS lien for more than $2.4 million. Indeed, Nelly (whose real name is Cornell Haynes...
IRS may have misrouted tax lien notices, report says
As we have noted in our prior posts, no one actually wants to receive a tax lien. Most would agree that IRS liens are the bane of one’s existence. However, if a tax lien is initiated against a taxpayer, the federal government has a legal obligation to send...
Fact vs. myths in tax collections
In a prior post, we highlighted a number of penalties that you want to avoid with regard to paying taxes; specifically fees on late payments and unpaid taxes. While many people are afraid of the extra costs that can accumulate from unfiled returns or unpaid taxes, the...
Three ways to deal with tax liens
With the Thanksgiving Day holiday passing, the focus for many consumers is on the holiday season. Indeed, few people are talking about taxes at this time of year, but people who are facing (or dealing with) tax liens are definitely thinking about how Uncle Sam will...
Low income taxpayers could be spared from IRS collection actions
It is one thing to have to deal with the perils of losing a job or having a prolonged illness and how it can affect one’s financial condition, but it is quite another to deal with the Internal Revenue Service when you are having trouble making ends meet. In a number...
Even rich and famous face tax liens
For most, the prospect of having any interaction with the Internal Revenue Service beyond filing a tax return and either paying in or receiving a refund is frightening. Being slapped with a tax lien is tantamount to the approach of the end of the world. Of course...
Make multiple deposits under $10,000? IRS can seize your funds
If you have insured your house or your car, you know that policies certainly do not cover every possible scenario. There are limitations to the coverage. An example involves business owners who keep cash on hand. An insurance policy may only cover $10,000 if the cash...
Facing a federal tax lien–do you know what to do?
The average resident of California has little to no understanding of what a federal tax lien is or how it works. Simply put, it is what could happen when you fail to pay your federal income taxes. It is a claim against your property that will not arrive until you...