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Practice Tip: Tax Liabilities
Divorce can often devolve into economic warfare. For some people, tax issues ' through neglect, naivet', or as a result of an asset liquidation or distribution ' create tax liabilities for which they were unprepared. As a result, it is not uncommon for divorce litigants to require tax liability mitigation.
It was with this in mind that I skeptically listened to a radio commercial for the IRS's “Fresh Start” tax relief program. The celebrity pitchman was extolling the virtues of this program on behalf of a tax relief company. My initial response to this ad was that it was probably a predatory program, but after doing some research, I learned that it is a legitimate program offered by the IRS. The basic premise of the program is to give delinquent taxpayers (including small businesses) an incentive to enter into an offer in compromise with the IRS to pay their back-taxes.
When taxpayers are delinquent on their taxes, the normal process is for the IRS to issue a Notice of Federal Tax Lien at which point they have 10 days to satisfy the liability before a tax lien is filed against them. 26 U.S. Code ' 6321 specifically states that, “If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount ' shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person.”
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