News & Analysis as of September 18, 2024

Income Taxes › Asset Seizure

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

IRS Seizures: The Good, the Bad, and the Ugly

Freeman Law on 10/6/2020

Along with tax penalties and tax lien filings, the IRS’s ability to seize a taxpayer’s property is one of its most potent weapons to encourage tax compliance. That is, in part, what makes a recent report from the Treasury...more

The IRS Tax Levy on Social Security Benefits: Does it Last Forever?

Burr & Forman on 3/2/2018

An IRS tax levy is a seizure of a person’s property or rights to property. The IRS then uses the seized property to pay taxes owed. A levy allows the IRS to confiscate a person’s property, which includes cars, boats, real...more

The IRS Has a Lien Against Me: What Do You Do? Tax Lien Release and Discharge (Part 6)

Burr & Forman on 9/6/2017

Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more

South Carolina State Tax Liens

Burr & Forman on 11/10/2016

The South Carolina Department of Revenue (the “Department” or “DOR”) files tax liens when a taxpayer fails to timely pay his or her state tax liability. The Department files a tax lien in order to establish its priority to a...more

What Do All These IRS Collection Letters Mean?

Burr & Forman on 11/3/2016

When someone owes the IRS taxes, as a result of not paying the tax shown as due on a tax return or where the IRS audits and imposes additional taxes owed, the IRS will “assess” this tax liability, and with penalties and...more

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