Robert de Niro recently paid $6.4 million to the IRS after it imposed a tax lien on his Manhattan condominium property. The tax lien arose from an alleged tax bill amounting to $6,410,449.20 for tax returns filed in 2013.
The actor was allegedly notified 3 months earlier that failure to pay his federal tax bill would lead to a lien on his Tribeca condominium. The actor immediately issued a check for the same amount after learning of the lien. His lawyers said that de Niro would have paid earlier had the IRS notices been sent to the correct address.
IRS Tax Lien
Taxpayers who do not pay their taxes in full are ordinarily sent a bill for the unpaid amount. The IRS notice technically starts the tax collection process, which continues until the amount is fully paid or until the collection period has expired.
The written notice is in the form of a letter explaining the balance due, which includes the amount of the tax, penalties and interest.
When a Taxpayer Can’t Pay Taxes in Full
If you are unable to pay your tax debt in full, you must inform the IRS about it and, depending on the circumstances, the IRS may let you settle your obligations through:
- An instalment agreement
- Offer in compromise
Failure to Pay Taxes
If you do not make arrangements to pay your tax debt voluntarily, the IRS may collect your tax bill by filing a notice of federal tax lien such as the one created on de Niro’s condo. A tax lien is a legal claim attached to specific property.
The lien may be released when the tax bill is paid in full.
Other collection remedies include levying or seizing properties such as bank accounts, wages, retirement income, and social security benefits. Other properties such as your car, boat or real estate may also be seized and then sold in order to satisfy the tax debt.
If you received a notice from the IRS, your properties may be in danger of being attached or sold to answer for your alleged tax bill. Don’t wait for the IRS to serve you a notice of lien on your property. An IRS tax lawyer can represent you before the IRS and exhaust all remedies available to you in order to save your properties from being sold in execution.
In Tyler and the East Texas area, the Law Firm of Scott Scammahorn has over 16 years in tax litigation experience, helping clients fight the IRS on all aspects such as IRS tax liens and levies, and obtain solutions such as offers in compromise.
We invite you to call our office today at (903) 595-1000 to schedule a consultation with an attorney to discuss your tax problems.