IRS Tax Liens - What Property is Impacted? What Kinds of Property are Affected? The IRS tax lien attaches to all your assets as of the date of the lien as well as any future assets you acquire. Examples of potential future assets are: Lottery winnings Gifts Inheritance Marriage (if … [Read more...]
IRS Tax Liens – What Are They?
IRS Tax Liens - What Are They? What is an IRS Tax Lien? In legal terms, an IRS tax lien is an “encumbrance”, meaning a claim, against your property. Think of it like a home mortgage or car loan. A tax lien is NOT an asset seizure! An IRS tax lien does not transfer your ownership of property to … [Read more...]
IRS Tax Levies – How to Prevent a Tax Levy
IRS Tax Levies - How to Prevent a Tax Levy In my last post, I talked about what to do if you find you have been levied. You can find that and prior posts on tax levies here, here, and here. In this post, I will discuss how to prevent a tax levy in the first instance. Otherwise known as how to … [Read more...]
IRS Tax Levies – How to Fix a Tax Levy
IRS Tax Levies - How to Fix a Tax Levy In my last post, I talked about what property the IRS tax levy can reach. You can find that and prior posts on tax levies here and here. In this post, I will discuss how to fix a levy if you are so unfortunate as to be subject to one. Just as a … [Read more...]
IRS Tax Levies – What Can the IRS Seize?
IRS Tax Levies - What Can the IRS Seize? In my last post, I introduced some of the basic issues that arise when the IRS decides to take more aggressive collection action against taxpayers. You can find that post here. Here is the cliff notes version: IRS does not seize assets willy nilly. If … [Read more...]
IRS Tax Levies – What Are They?
IRS Tax Levies - What Are They? Tax Levies - What Are They and How Do They Compare to a Tax Lien An IRS tax levy is a legal seizure of your property by the IRS to pay down your tax debt. Do not confuse a tax levy with a tax lien. An IRS tax lien is a legal claim against your property to secure … [Read more...]
Innocent Spouse Relief – Five Traps to Avoid
Innocent Spouse Relief - 5 Traps to Avoid Transfer of Assets The first and biggest trap in regards to innocent spouse relief is receiving assets from your spouse or former spouse. In some cases, you may either be denied relief or have the amount of relief reduced based on property you may have … [Read more...]
Innocent Spouse Relief – What is Injured Spouse Relief?
Innocent Spouse versus Injured Spouse What is the Difference between Innocent and Injured Spouse We spoke a bit in an earlier blog post about innocent spouse relief. Injured spouse relief is a different kind of relief. Often confused, these two similar sounding relief provisions have two … [Read more...]
Innocent Spouse Relief – How Much Relief Do I Get?
Innocent Spouse Relief - How Much Relief Do I Get? In my previous post, I discussed the three types of innocent spouse relief. Now, I want to talk a bit about how tax debts are allocated if you obtain relief. In some cases, it may be a better idea to use other tax resolution tools to obtain … [Read more...]
Innocent Spouse Relief – Types of Relief
Types of Innocent Spouse Relief We talked previously about what innocent spouse is and how it works. Now we can discuss the three types of relief you can request. As you can guess by now, nothing is quite so simple when it comes to taxes. I will do my best to guide you through each type. The … [Read more...]