New IRS Tax Lien Regulations Issued
The Treasury Department issued new proposed regulations for certificates of discharge of IRS tax liens today, in an effort to comply with the IRS Restructuring and Reform Act of 1998.
Most significantly, this new proposed regulations add procedures for property owners who did not create the tax lien (i.e., persons who purchase property subject to IRS tax liens) to request that IRS tax liens be released. Essentially the regulations allow this non-tax debtor owner to make a tax deposit or post a bond and it allows the IRS and the federal district courts to determine what happens to the deposit or bond.
This new regulation makes it even more important for taxpayers who have or are considering the purchase of property subject to an IRS tax lien to contact an experienced tax attorney to help them navigate through the process.
Most significantly, this new proposed regulations add procedures for property owners who did not create the tax lien (i.e., persons who purchase property subject to IRS tax liens) to request that IRS tax liens be released. Essentially the regulations allow this non-tax debtor owner to make a tax deposit or post a bond and it allows the IRS and the federal district courts to determine what happens to the deposit or bond.
This new regulation makes it even more important for taxpayers who have or are considering the purchase of property subject to an IRS tax lien to contact an experienced tax attorney to help them navigate through the process.
Labels: IRS collections, IRS tax lien
 
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