If a Trustee Owes Taxes, Can the IRS Seize Trust Assets to Satisfy the Tax?

The IRS has broad powers when it comes to collecting unpaid tax debts, but its authority is not without limits. For example, there are limits on what property the IRS can seize if the property is held by a third party. This can include property held in trust. Consider the situation where a father creates…

New IRS Tax Lien Regulations Issued

When the IRS places a lien on someone’s property, it means that the taxpayer owes the IRS back taxes. The lien serves as a legal claim against the taxpayer’s property, and it can negatively impact their financial and professional life. One of the most significant consequences of an IRS tax lien is the damage it…

Tax Liability Review by Tax Court Limited

The collection due process hearing law has provided taxpayers with another avenue for challenging their underlying tax liabilities. With this option, taxpayers can let the IRS assess the additional tax or penalties and then wait for the IRS to attempt enforced collection for the balance. They can then file a collection due process hearing request…