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Yes. If your company is a LLC, the IRS can put a tax lien on your personal property. The IRS can do a lot of stuff. Whether or not it is legal is a different question. That is why CPAs and Tax Lawyers licensed to practice before the IRS and in Tax Courts are rich. If the United States would go over to a simplified tax code instead of one that took up 35 feet of linear shelf feet a lot of CPAs and Tax Lawyers would have to find an honest way to make a living.
What else can I help you with?
If a person has a personal tax lien and they also own a business can the IRS also put a lien on the assets of that business?
No, unless it is a sole proprietorship. The IRS cannot put a lien on anything held by a corporation, LLC, etc. However, note that the IRS lien attaches to all property -- real and personal, tangible and intangible. That means that if they put a lien on you, they have technically attached that lien to your ownership interest in the company.
What does the term irs lien mean?
An IRS tax lien means the IRS is placing a lien against your hours or other personal property. This is usually due to you owing the IRS an amount of money. If you cannot pay it within a certain amount of time, they could put a lien on your property, seize it, and sell it in order to make the money they are owed.
Could the IRS levy personal bank accounts once they have a lien on the house Could the IRS put locks on the door without notice Does the IRS take into consideration the age of the owners?
The IRS has the right to put a lien on any property/assets where a taxpayer has liability (owes the IRS). Its a safe bet to say that if you owe the IRS, you have a lien placed on your property, but not in all cases. If you are placed in a resolution called Currently Not Collectible, the IRS will automatically file a lien. So to answer you question, the IRS can both place a lien on the house and issue a levy simultanously. No the IRS will not take into consideration the age of the individual owing the tax debt.
Will the bank repossess a car with IRS tax liens on it?
The IRS to my knowlege will not/and is not able to put a lien against property that is not outright owned by the person. If the bank holds the title, it is not the person's property yet and is not subject to an IRS Lien. If the vehicle gets paid off, then at that time the IRS can put a lien against it The IRS tax lien attaches to all property, real and personal. However, the IRS has a number of things working against them: 1. The title to the car is being held by the bank. 2. The bank's security interest is perfected (they are listed as a lien holder on the title). Because of this, the bank is going to have priority on the vehicle even if the IRS filed a Federal Tax Lien before the bank gave the loan.
How can you get pre approved with a tax lien in your credit report?
There are different types of tax liens (IRS, county, state). I'll assume you have an IRS lien. A lien against your residence will prevent you from refinancing the existing home unless you get the IRS to approve a subordination. This means they agree to allow a mortgage company to take a priority position on the title of the home, in front of the tax lien. If you do not own a home, or are referring to a purchase, and the tax lien is against all your personal property, the lender will likely require that it be paid or otherwise satisfied. Before the credit and housing crash it was difficult to obtain financing with a lien against your property (think about a mortgage company considering loaning on a home that they have reason to know may have a lien placed against it by the IRS once you own it) but now it would be far more difficult with the pull back in underwriting requirements.
Can the lien against my property be released when the the original owner apparently with a tax debt died.?
Assuming you are talking about an IRS lien, then yes. If you were not liable for the taxes, then the lien should not be on your property. The first thing to determine is whether or not the lien actually attached to your property. If the previous owner of the house owned the house at the time the lien was filed, then the lien probably legally attached to the house. If this is the case, this is something you should take up with the title company that did the title work when you purchased the house. More common is that the IRS filed a lien and the address they had on record was still his old house (your house). Just because the lien had that address on it doesn't mean you have a lien on your house. If the property wasn't his, then it did not legally attach. If a title company still has issues with this (if you are trying to sell your house), you may need to get a Certificate of Non-Attachment from the IRS to show them that it's not attached.
What is the definition of an IRS Lien?
A tax lien is typically something that is issued by the IRS on people's taxes. The definition of a tax lien is basically is a law used in order to secure property to pay taxes.
How can you get an IRS tax lien off a property that you hold a mortgage on if your mortgage pre dates a tax lien for the person who financed?
The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.
Your sister owns one quarter of a home but has an IRS lien how do you get her name off the house?
Unfortunately, it is too late. The IRS has a lien on your sister's interest in the property. If she was to convey her interest to you, which would be the only way to get her name off the property, the lien would remain on her interest in the property. The only way to get the lien released is to pay the balance due. IRS liens last for ten years and they have thirty days to refile. You cannot sell or refinance the property until the lien is paid. You can read about federal tax liens at the link below.
What if your mother quit claimed your home back to you recently and you have a fed IRS lien against you can the IRS seize this property you live in Arkansas?
An IRS Lien attaches to all property that you own, and it also attaches to "after-acquired" property (property that you acquired after the filing of the lien).Even though the house was quit-claimed to you after the filing of the lien, the lien has now properly attached to it. This means that the IRS could, technically, seize the home. It should be noted that if this house is your primary residence, the IRS cannot seize a primary residence without the order of the courts (which almost never happens).If you are in contact with the IRS and make a plan for resolution of the debt, the IRS will generally not seize property. The only time that IRS seizes real estate these days is in cases of blatant evasion or fraud. Your best course is to get in contact with them and work with them to take care of the taxes.
Is a lien in affect after chapter 7 and you never owned real estate can they seize your first house?
If the lien was not released through your bankruptcy, then it will attach to your first house. A Federal Tax Lien attaches to all property, real and personal, existing at the time the lien is filed and to any property acquired after the filing of the tax lien. If your taxes were discharged in the bankruptcy, the lien probably should have been released. You may want to call the IRS to see if they will issue a release to clear it up. The phone number for the IRS Lien Unit is (800) 913-6050
Does a federal tax lien have priority over state tax lien?
Not necessarily. The old adage of "first in time, first in line" comes into play. To expand, let me explain that, for example, at a real estate closing where both reps of the IRS and State are in attendance, this situation will be discussed by all concerned parties. Usually, it has been predetermined by the attorneys (and tax reps) who is getting what and why. Now, if we are talking about personal property, it doesn't really matter who filed first, but rather who executes first. The existence of a Federal Tax Lien or that of a State tax lien will not prevent either jurisdiction from taking action on personal property. As a matter of fact, the IRS doesn't even need a filed Federal Tax Lien to take action on most personal property, if not all personal property. A Lien arises (non filed) from the mere refusal/inability to pay federal taxes
