After an alleged nightclub altercation and horrible reviews for her comeback role as Elizabeth Taylor, things continue to get worse for Lindsay Lohan. According to Page Six, the IRS has seized Lohan’s bank accounts to compensate for her unpaid taxes for 2009 and 2010.
Continue reading
Category Archives: Lien
Charlie Sheen Helps Lindsay Lohan with her Tax Problem
The rich, the poor, the famous and the infamous can all have tax problems, since it seems that no group is immune from this issue.
TMZ is reporting that during the production of “Scary Movie 5,” Lindsay Lohan explained her tax woes to Charlie Sheen. As you may recall from our February 17, 2012 blog, the IRS filed a Notice of Federal Tax Lien reporting an IRS tax liability of almost $250,000 that dates back to 2009 and 2010. Apparently Lohan and Sheen became friends during the filming of the movie, and Sheen sent Lohan a check for $100,000 to help with the tax debt. Continue reading
Mean Girls Ain’t Got Nothing on the IRS
The IRS filed a Notice of Federal Tax lien against Lindsay Lohan in an amount of $140,203.40 for a 2010 back income tax liability. This is nothing new for Lohan as the IRS had filed a Notice of Federal Tax Lien for the 2009 tax year in an amount of $93,000.00.
According to TMZ, Lohan’s personal representative told Page Six that “Lindsay’s personal finances are her business and no one else’s.” Unfortunately, her personal representative is dead wrong: It’s now everyone’s business.
By filing a Notice of Federal Tax Lien, a taxpayer’s creditors are publicly notified that the IRS has a claim against a taxpayer’s property, including property acquired after the lien is filed. The tax lien is used by courts to establish priority in certain situations, such as bankruptcy proceedings or sales of real estate.
A tax lien can have devastating consequences such as tarnishing a taxpayer’s credit, making it difficult to refinance and borrow against property, impairing title, and in some cases, the loss of a job.
If you have been notified by the IRS that it has or is about to file a tax lien against you, the Law Offices of Todd S. Unger, Esq., LLC may be able to help. Call us today at (877) 544-4743, or fill out a contact form and request a consultation.
Internal Revenue Service Helps Taxpayers By Raising The Notice of Federal Tax Lien Threshold
Reply
A Notice of Federal Tax Lien (NFTL) can tarnish a taxpayer’s credit score and place an encumbrance on their property. Fortunately, the IRS has provided relief for those owing less than $10,000.00.
In March 28 2011, the IRS issued interim guidance regarding an increase to the threshold for filing Notices of Federal Tax Lien (NFTL).
A federal tax lien attaches to “all property and rights to property, whether real or personal, belonging” to the taxpayer. 26 U.S.C. §6321. The lien imposed by §6321 arises when an assessment is made and continues until either the taxpayer’s liability is satisfied or the statute of limitations on collection expires. 26 U.S.C. §6322. The lien attaches to the taxpayer’s property and rights to property as of the moment the assessment, and once filed, attaches to any property acquires thereafter.
The lien created by §6321 is referred to as a “secret” lien since it arises as a matter of law without the necessity of filing public notice. The “secret” lien is not effective against any purchaser, holder of a security interest, mechanic’s lienor, or judgment lien creditor until an NFTL has been filed.
When the NFTL is filed, the Form 668 (Y)(c) is filed at the county courthouse where the taxpayer resides. The NTFL notifies the public of the type and year of the tax, the date of assessment, and the amount of unpaid back taxes that a taxpayer owes. The NFTL will be reported on a taxpayer’s credit report which will adversely impact the taxpayer’s credit score.
The March 28, 2011 guidance is significant because it raises the threshold for a NFTL from $5,000 to $10,000 by amending the internal revenue manual 5.12.2.4.1(1). Consequently, more planning strategies are available to protect the taxpayer from a NFTL. The increased threshold expires on March 28, 2012.
If you are facing the filing of an IRS tax lien and need help contact tax attorney, Todd S. Unger, Esq. The tax law firm of Todd S. Unger, Esq., LLC is a boutique tax law firm dedicated to resolving IRS and state tax problems.