Posts from April 2017.

When an individual or business owes federal taxes, a lien arises in favor of the IRS in all property of the delinquent taxpayer. The IRS will often file a notice of this tax lien - a Notice of Federal Tax Lien or "NFTL" - in the state offices where the taxpayer resides or has property. The IRS generally uses IRS Form 668(Y), Notice of Federal Tax Lien, for this purpose. If the taxpayer is able to fully pay all the taxes owed to the IRS, the IRS will then issue a "Release" of the NFTL. The IRS is also authorized to "Discharge" its tax lien in specific property of a taxpayer (but otherwise retaining its ...

On March 24, 2017 the vote to repeal the Affordable Care Act ('Obamacare') was cancelled when it became clear there were not enough Republican votes to move it past the House of Representatives. All eyes have now turned to the President's plan to reform the tax code. However, the two issues are not exclusive. Part of the strategy to focus on the repeal and replacement of Obamacare was to create savings that would further support the later tax cuts without increasing the deficit. Tax reform is still on the table and appears to be a priority for the administration and Republicans. It is likely ...

The April 30th deadline for the calendar year South Carolina taxpayers to file their annual Form PT-300, Property Return, is fast approaching. Taxpayers subject to a fee-in-lieu of tax (FILOT) must file a new schedule with their 2017 property tax year that is designed to help local governments comply with their new financial reporting requirements under Statement No. 77 of the Governmental Accounting Standards Board (GASB Statement 77). GASB Statement 77 requires governmental entities that enter into "tax abatement agreements" to now disclose information about these ...

If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to "older" federal and state income taxes, if a taxpayer has filed timely tax returns for a tax period, the due date of which, including extensions, is more than 3 years from the date a bankruptcy petition is filed; if the tax return is filed late, at least 2 years have elapsed since the filing of the late return and the filing of the bankruptcy petition; and, where the IRS has made an "assessment" of the tax owed, at ...

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