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federal tax lien

   Also found in: Dictionary/thesaurus, Acronyms 0.02 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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Requirements: The notice lists requirements the IRS must meet when issuing levy and lien notices to taxpayers, including notices of a Federal tax lien, and Service actions necessary before the issuance of a levy.
CDP hearing procedures by Laffie, Lesli S. / The Tax Adviser
To secure the government's interest in the individual's real or personal property until after the final payment has been made, the IRS may file a Notice of Federal Tax Lien.
Settle for less with the IRS: uncle Sam offers compromise to ... by Royal, Leslie Guess / Black Enterprise
Federal tax lien payoffs and real estate tax liens, however, should be worked on in conjunction with the title agent.
Common impediments to real estate closings by Epstein, Fern / Real Estate Weekly
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