Randolph Law Firm, P.C.

Tax Liens Archives

Tax lien tactics, part 2: removing or limiting a lien

In the first part of this post, we gave an example of how the IRS can use federal tax liens as part of its collection actions. The case involved a rap musician by the name of Rick Ross who once played Vegas but ran into trouble with the IRS for alleged underpayment of his taxes.

Overcoming procrastination about impending issues (such as taxes)

It's a natural human tendency to procrastinate. After all, life for homo sapiens used to be a lot simpler. In a hunter-gatherer world, there were clear signals about when to take certain actions. Getting out on the hunt and avoiding threats from predators were in-the-moment experiences, triggering fight or flight responses.

Tax liens are major tools of the IRS tax collection regimen

One thing that can put an empty feeling in the pit of one's stomach is the knowledge that the IRS has entered a tax lien for back taxes left unpaid. IRS tax liens are not to be taken lightly, and it is in the individual's best interest to put the time, effort and money into clearing up that kind of a blemish. Whether in Nevada or another state, tax liens can ruin one's credit, stop a real estate sale or a mortgage approval, and eventually could be the basis for a tax levy that leads to the freezing and seizing of one's accounts.

IRS tax liens reversed by tax court where discretion was abused

It may be unknown to most people in Nevada and elsewhere, but there is a tax law that gives IRS agents the discretion to exercise their judgment in pursuing collection cases. If that discretion is abused by the agent, the taxpayer may have the chance of reversing the agent's actions in a federal tax court. This rule applies to the injudicious entrance of tax liens against a taxpayer when a more conservative collection approach would have been more reasonable and fruitful.

Federal tax lien results in action of Strawberry's income annuity

The IRS has many tactics at its disposal to collect on its assessed bills against delinquent taxpayers. Residents of Nevada and other states may be surprised to learn that the agency can seize and auction off a person's deferred annuity to pay off tax debts. That is precisely what the IRS is doing with a federal tax lien and levy that it made against the future proceeds of an annuity owned by former baseball star Darryl Strawberry.

Vegas official says her $1 million in tax liens are mostly paid

For Nevada residents who may have problems or collection issues with the IRS, you're not alone. Along with the other state residents who may be struggling to keep up with tax obligations, one notable politician is facing the same problems. An elected Las Vegas assemblywoman, who serves as chairperson of the taxation committee, has been toiling with existing and pending tax liens totaling around $1 million.

Taxpayer will do best by responding early to IRS tax levy

If you own a small business in Nevada, federal income taxes must be paid. In some instances, the legal structure of your business will be set up to roll all of your tax payments into your individual income tax return. In a larger corporate structure, you may have separate tax bills for the business and personally. In any event, if you get significantly behind in any of your tax debt by not paying the tax due on time, you may be facing an IRS tax levy on your bank accounts.

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Randolph Law Firm, P.C.
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