According to the dictionary, a lien is the right of a creditor to take possession of someone else's property until that person's debt is paid or discharged. When it comes to taxes, the government has the right to take one's property if taxes are not paid. Connecticut...
Connecticut residents who fail to pay their taxes may face some serious consequences. Tax liens, for example, may be initiated, which means the state or federal government can take control of one's property. Tax liens will also be listed on one's credit report, which...
Many lawmakers in Washington D.C. are celebrating after passing a new tax law that will take effect in 2018. What does this new law mean for Connecticut residents? How exactly did the federal income tax brackets change?Filing income taxes has been complicated and...
No one loves taxes. Sometimes, they are a financial burden that some simply cannot afford to pay. Failing to pay can have serious consequences, however. In a previous post, this column addressed the purpose of tax liens -- a punishment for not paying taxes. This week,...
Connecticut residents who are behind on their taxes may face legal claims from the Internal Revenue Service in an effort to collect. Tax liens are just one way that the IRS can hold assets hostage until tax debts are paid in full. What can be done when tax liens are...
When the topic of taxes comes up, one of the inevitable issues that will get discussed is the tax lien. Tax liens are commonly used by the IRS, but they can also be used by other parties and individuals. So what is a tax lien and how should you proceed if you are...
A federal tax lien may be used when taxes remain unpaid. It's a tactic the government utilizes to seize other assets to make up for the taxes that are owed.As soon as one is put on your assets, it's critical to understand how it's going to impact you and what options...
Staying on top of paying taxes is not always a simple matter, especially for individuals who do not have their projected income taxes deducted from their paycheck automatically. In some cases, you may receive a bill from the IRS, at which point you should consider...
Being on the receiving end of a federal tax lien can be unwelcome, for a variety of reasons. The lien will show up on an individual’s credit history check, with the likely result being either denied credit or qualifying for new credit only under an exorbitantly high...
As we discussed in a recent post, the IRS is bound by certain notice procedures regarding a federal tax lien. Before the Notice of Federal Tax Lien is filed, the IRS typically must assess the liability, send a Notice and Demand for Payment, and allow the taxpayer 10...