Unpaid Federal Taxes, Lead to Federal Tax Liens

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Proving that celebrities are not above the law, the IRS recently served rapper Lil’ Kim with a tax lien for allegedly dodging more than $1 million in taxes.

While it is celebrity tax stories that most often make the headlines, businesses and individuals frequently face the serious consequences of having a tax lien filed against them when the IRS determines that federal taxes have gone unpaid. A lien gives the IRS a legal claim to all of a taxpayer’s property as security for tax debt.

The IRS will send a Notice of Federal Tax Lien only after:

• It assesses a tax liability;

• It sends the taxpayer a Notice and Demand for Payment, which details the amount of taxes owed; and

• The taxpayer neglects or refuses to fully pay the debt within 10 days after the Notice and Demand for Payment is sent....

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Published In: General Business Updates, Securities Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© CJ (Candida) Griffin, Esq., Pashman Stein, PC | Attorney Advertising

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