federal tax lien


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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.”)

References in periodicals archive ?
The Internal Revenue Code that creates the federal tax lien does not create property rights, but establishes that the lien attaches to any and all property rights, or rights to property, belonging to the taxpayer.
A federal tax lien is filed in the office designated by the state where any real property owned by the taxpayer is located (Sec.
1988), an executor of a Texas estate successfully argued that he had a right to a quiet title action to determine if administration and funeral expenses had priority over federal tax liens.
The Federal tax lien imposed by Section 6321 is an important IRS tool in the enforced collections activities.
A Notice of Federal Tax Lien is filed in the office designated by the state where real property is physically located (Sec.
2, 2006, the Service issued a notice of federal tax lien (NFTL).
Once the notice of federal tax lien is filed, the taxing authority is not prejudiced by successive bankruptcies, unless the debtors have assets available to the taxing authority, either acquired prior to or during the interim pendency of successive bankruptcies.
Blankenship of Heber Springs with a federal tax lien of $4.
UCC searches now available through CDB Infotek in 48 states and the District of Columbia, provide full names and addresses of debtors and secured parties, original financing statement numbers, dates of transactions and federal tax lien information.
The IRS subsequently assessed the tax Tucker owed and notified him of the filing of a notice of federal tax lien (NFTL).
Remember last week we told you about the Texarkana hospital getting hit with a nearly $160,000 federal tax lien for not paying its employment taxes?
If clients ask CPAs about the effect of different types of ownership on the ability of creditors to attach liens, they should say it appears ownership as tenants by the entirety is ineffective as a means of preventing a federal tax lien from attaching to a property.

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