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I have a closing tomorrow on a note and mortgage and I have

I have a closing tomorrow on a note and mortgage and I have to give a certified check to the title company whose address is an apt of the lawyer who owns the company, how do I know that he'll use the money to do what he's suppose to do, which is pay the taxes needed to register the lien

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PDtax

Owner

Master's Degree

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I putting up a condo as collateral and paying a mortgage tax

I putting up a condo as collateral and paying a mortgage tax on it, When I transfer the collateral to a new lender at some point will I have to pay that tax again, when the amount of the collateral is the same, I have in the mortgage that it is assignable but it s does not say a Cema, is the assignment (not a CEMA) enough to transfer the collateral to a new lender without paying the tax again

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I received a letter from he IRS telling me I owed $538.00 on

I received a letter from he IRS telling me I owed $538.00 on 14 August2016. I replied by letter mailed 24 August with information as follows: "Due to my poor proof reading skills I entered a wrong Social Security Number on my return. I had called both the Virginia Tax office and the and the IRS after I found the error a day after I had mailed the return and found my error to ask them if I should mail an mended return and was told by both not to send an amended return as it would only confuse the offices. They were notified by pone and I have no record of the call. About two months ago The Virginia Tax office notified me that I owed taxes and I responded by telephone and by letter enclosing my true SSN along with my withholding statement, my Amended tax form and a cop of the front and back of the check for payment due with my return which was cashed but not credited to our account. The matter was closed to my satisfaction by Telephone in a matter of three days.I replied to the IRS in Kansas , MIS with same information to the IRS that provided to Virginia. That letter was mailed on 24 August. On September 15, 2016 I received a notice from the IRSi in Kanss City that I not only owed the $538.36 but it was due on 29 September and if it was not paid by then I would be subject to a federal tax lien proceedings .Iwas on vacation from September 16th to September 23rd and could not call the IRS Kansas City office yesterday due to high call volume an cannot call until Monday the25th.My real question is how can I find out if the ever received my first letter and what is thestatus of their investigation? Should I pay the amount and hope to get the money back if it is resolved n my favor?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
If the state and the federal govt have tax liens on my home;

If the state and the federal govt have tax liens on my home; if I should sell my home - which one gets the money first? Does Federal or State have precedence?

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Barbara

Enrolled Agent, Paralegal

5,148 satisfied customers
I had a second mortgage, I became unable to pay it to

I had a second mortgage, I became unable to pay it to Beneficial, then wrote off the loan and sent me a 1099c. I called them and they told me that they had forgiven the debt and released the loan. Can they still come back at me and/or my property?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: MissouriJA: Has anything been filed or reported?Customer: filed by them?JA: Anything else you want the lawyer to know before I connect you?Customer: nothing has been filed that I know of

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Mark Taylor

Certified Public Accountant

Masters

1,262 satisfied customers
IRS question. My wife is a French citizen. She lives in

IRS question.My wife is a French citizen.She lives in France.No green card.No visa.We have separate bank accounts. No one is on each other's accounts.We file taxes separately.If I get audited and wind up on owing the irs. Can the levy her bank account and wages in France?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
Hold for JD, Lane as he has been on this cycle. First, I

Hold for JD, Lane as he has been on this cycle.First, I want to thank you for your help. On cycle discussed earlier, I got the property profile data to RO which a Realtor was able to get for me. Then I finally I got RO on phone. She had some questions which I answered. She then asked me for a grant deed for one property (which I now have) and a letter, and said she was ready to put case back into uncollectible status when she got that data. The 1.8 Million dollar bill goes back into hibernation.Ok. Different cycle. Client owes about 58K going back to 2005, IRS SOL goes off in 2007 for 2005. Liens are in place for many years taxes. 2014 and 2015 client has paid his full amount plus of tax, and this has been applied to reduce 2005. Client made about 80k in 2015, HOH, has two kids. I was looking at getting a first time abatement and then an installment plan, but discovered client's income has crashed. Now paying himself 3000/month and lives in Orange County CA.Clent is paid from his S corp, and S corp had to borrow to make basic payments and is now 100k in debt.With such a severe drop in income,options seem to be get him uncollectible status, do an OIC, or have him file bankruptcy. BKC would wipe out everything but year 2013. But I do not know if cleint wants to go that route. I do not thnk he has seizable assets. And I do not think they can garnish at so low an income with two kids. His income is less than his monthly allowable income on the IRS OIC pre-qualifier site.I assume if income pans out as per above, uncollectible status seems pretty certain.If I go for an OIC, what are the likely consequences? Do you think acceptance is likely? No amount was suggestd on pre-qualifier site. The advantage of OIC over uncollecible is that if income rebounds, and OIC has been accepted, debt is gone.And Bkc. What is the advantage/disadvantage of BKC vs OIC?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
This questions is for an IRS representation expert, whether

This questions is for an IRS representation expert, whether EA, CPA, or LawyerI am an EA representing a client with about a 50K IRS bill. This is for many years. I called the name and no.on his latest tax lien, and got a recording giving me different options. I clicked on one and got an IRS person who told me that it did not matter who it said on form. You called in and got whoever you got. While he was waiting for POA to come though, he asked me for my clients financial details. I told him I wanted to review the total debt and negotiate. He said there was no negotiation. There were different programs--OIC, installment pay plan, etc.--but no negotiation. He said I was obviously unfamiliar with how IRS operates. He then said my POA came through BLANK. I can believe the POA was hard to read, maybe illegible, but I really do not think it came through blank. I thought I could talk to one person and find out varous options and have an actual conversation to start to come to ideas leading to a possible agreement. I have the tax returns and the amounts owed by year total as of date in 2016. I do not have a summary that shows fines, penalty, interest per year. I figure at worst I can get a one year abatement. I way felt the guy I was talking to was very unhelpful and a bit rude. Is there a way I can talk to the actual person listed on IRS letter? Do I pick the "want to pay in full now" option on the menu? Also, would a record of accounts give me the summation of each year and how much was owed? I could I suppose make an appt at local office here, and see someone here live. I would like to know what things looked like before I get back to my client and ask for his financials. Any tips or suggestioins appreciated.

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PDtax

Owner

Master's Degree

6,994 satisfied customers
I have/had a non-qualified annuity. This annuity is

Hello. I have/had a non-qualified annuity. This annuity is collateral for a loan. In 2013, we filed Chapter 7 bankruptcy. Since then, the bank has been taking money out of the annuity to make the payments on the loan. This has caused us a substantial tax event every year since then. The IRS has a tax lien against us because of this. Our CPA says we should just do an Offer-in-Compromise and offer the IRS 20 cents on the dollar to settle. We are not willing to do this because we bankrupted and the annuity should belong to the bank now. He told us to hire a tax attorney, which is ridiculous because the answer seems like it should be simple...we bankrupted on a loan that the bank had collateral for...we should be done with both the loan and the annuity...in my opinion. How can we stop the tax events? Shouldn't the annuity be out of our name? Please help! Thank you, ***** *****JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I know of. The first year this happened (2013) this event more than doubled our income!!! By the way, we had to file bankruptcy because our financial advisor stole all of our money.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
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