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federal tax lien

   Also found in: Dictionary/thesaurus, Acronyms 0.01 sec.
federal tax lien

A lien or encumbrance upon all of a taxpayer's real property located in the county where the lien is filed.Tax liens may be for unpaid income taxes, or for the 100 percent penalty assessed against controlling shareholders when their small corporations do not pay withholding taxes for employees. Lenders who foreclose on real estate must send notices to the IRS regarding
impending foreclosures,or the property will still be subject to the tax lien after the foreclosure, even if the lien was filed after the mortgage and would ordinarily be destroyed by the foreclosure. (For more information,go to the IRS Web site,www.irs.gov,and search on “IRC 7425 notice.”)



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The 45-year-old was also said to be a repeat tax offender after another federal tax lien reported that he owed more money from three more years of unpaid debts.
Nicolas Cage in $6m debt over unpaid taxes by Asian News International
The IRS recently hit Allegiance Specialty Hospital of Little Rock LLC with a federal tax lien.
Hospital bill by Arkansas Business
Because federal tax liens appear on commercial credit reports, (1) businesses may be unable to obtain necessary credit because lenders may assume they are bad credit risks, (2) individuals may miss an opportunity to buy a home or an automobile because they are unable to obtain financing, and (3) individuals may be unable to sell their home because of the presence of a tax lien on their property.
Opportunities to Improve Timeliness of IRS Lien Releases by General Accounting Office Reports & Testimony
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