Today’s accounting moment: Practical Application of Income Tax Liens

Danny Abel tax lien

Lien on Me: Virtual Debtors Prisons, The Practical Effects of Tax Liens
and Proposals for Reform
Volume 49 of University of Louisville Law Review
Danshera Cords

Introduction

Imagine having an unenforceable debt that shows up on your credit report forever, for example a tax lien that was filed with respect to a tax liability on a tax year for which the statute of limitations for collecting the tax liability has now expired. Imagine next that a professional licensing organization (such as the state bar for a lawyer or a self-regulating organization (SRO) for a security broker/dealer) requires about you demonstrate “financial responsibility” or that a prospective employer looks at your credit report and that negative items, including tax liens, could prevent you from obtaining the license or employment.

Hat Tip: Paul Caron and the gang at the Tax Professor Blog

Today’s accounting moment: Tax Liens

But first some lovely music:

Understanding a Federal Tax Lien

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after the IRS:

  • Assesses your liability;
  • Sends you a bill that explains how much you owe (Notice and Demand for Payment); and
  • You neglect or refuse to fully pay the debt in time.

The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property. Continue reading “Today’s accounting moment: Tax Liens”

We have new signs of life in the Bay Tech Building lawsuit

I was mildly surprised to see the beginnings of a response from certain members of the defense. Not as surprising is that Ben Galloway is like a pit bull and was all over that filing the next day for the Magnolia Group. Here is the answer and counterclaim of Team LNG Investments along with Team Magnolia Group’s insta-response.

Magnolia Group v O'Dwyer et al Doc 10 Continue reading “We have new signs of life in the Bay Tech Building lawsuit”

Jefferson Parish Council Jackassery Miscellany: Mini-me and Zahn lead the way with Noodles on top

One thing I’ve learned is you don’t mess with the M&M sisters or the CFGG and the reason for that is simple: The CFGG’s message is pure, without hint of hidden agenda.  Councilman Ben Zahn will learn that in time but first:

Jefferson Parish Councilman Ben Zahn disagrees with citizen group ~ Adriane Quinlin

The headline was charitable because the story makes it clear that Zahn was more of a garden variety ass than anything IMHO.

Next up the gang is taking illegal straw polls as Slabbed will continue to assume there is double dealing galore in the shadows of these specious public hospital “negotiations”.

Jefferson hospital lease suitors to present in public; secretive conduct called into question ~ Ben Myers

Of course, when I write posts about the Jefferson Parish Council and Chris Roberts in particular, I generally get the warm fuzzies thinking about the pictures.  :-)

Jim Brown’s Weekly Column: Justice Department Overkill on Voting Rights Act?

Thursday, August 29th, 2013
Baton Rouge, Louisiana

JUSTICE DEPARTMENT OVERKILL ON VOTING RIGHTS ACT?

These guys at the Justice Department, led by top cop Eric Holder, just don’t know when to quit. The U.S. Supreme Court knocks them down and they get right back up, snubbing their noses at a final court decision, and starting a new civil war with states nationwide. It’s the voting rights challenge redux, with the same issues and the same fight that Holder and his team of lawyers have been undertaking for years. And in their quixotic efforts, once again, they are trying to paint the South as the bad guys.

It’s been less than two months since the Supremes issued their most recent voting rights decision that said the Justice Department could not continue to require special oversight mandated by The Voting Rights Act of 1965. This law singled out a number of southern states requiring them to “pre-clear” any effort to change the voting laws in their respective states. And I mean any changes.

If the state’s chief elections officer (a job I held as Secretary of State for Louisiana back in the 80s) wanted to change a voting precinct by a few yards, the state was required to go to the Justice Department to genuflect and ask for permission. But that was then, and the high court finally said enough is enough. Continue Reading………………