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.
A Notice of Federal Tax Lien will probably be filed to protect the Government's claim during the suspension period.
To have the NFTL withdrawn from the record, the taxpayer must apply and qualify for an NFTL withdrawal by filing IRS Form 12277, Application for the Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien.
If assets do not exist, and if a notice of federal tax lien is filed, then the debtor's fresh start is strongly balanced ahead of the IRS' argument that it needs additional time.
A Notice of Federal Tax Lien may be filed on a taxpayer's real or personal property under Sec.
2, 2006, the Service issued a notice of federal tax lien (NFTL).
A Federal tax lien applies to any and all property owned and acquired by a delinquent taxpayer during the life of the lien unless the property is exempted by Federal law.
Asked about the fact that the Alarcons had a federal tax lien at the time they obtained the home loan and the second trust deed, Handel said it did not concern him as it might a bank.
Wok About Grill LLC, federal tax lien filed April 12 for $59,573.
In 2008, the IRS announced an expedited process to help financially distressed homeowners avoid having a federal tax lien block refinancing a mortgage or selling a home (IR-200S-141).

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