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.
Related Posts:
Popular Posts
- Home page
- Contact
- IRS Details the Federal Income Tax Consequences of Gift Cards
- Discharging Tax Debts in Bankruptcy: The Three Year Look-Back Period
- Using a Subchapter S Corporation to Reduce Payroll Taxes for a Sole Proprietorship or Partnership?
Sponsor:
Recent Entries:
IRS Provides Guidance on Whistleblower Informant Program
Hiring A Tax Attorney to Abate A Tax Penalty
Innocent Spouse Relief Refund Claims
Qui Tam Settlements and the Tax Benefit Rule
IRS Details the Federal Income Tax Consequences of Gift Cards
Reporting Requirements for ISOs and ESPPs
Discharging Tax Debts in Bankruptcy: The Three Year Look-Back Period
Finding Tax Savings in a Lost Marriage: The Taxation of Alimony
IRS Recognizes Employee Tool and Equipment Plans
