To receive
monthly updates on new features in lowtax.net
and tax-news.com just enter your e-mail address
below:
Daily
Tax Quote
New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below.
Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers.
Lowtax Network Sites
Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
IRS Criticized By Treasury Watchdog Over Liens, by Mike Godfrey, Tax-News.com, Washington
Monday, August 02, 2010
A new report released by the United States Treasury Inspector General for Tax Administration
(TIGTA) says that the Internal Revenue Service (IRS) has not always followed
statutory requirements regarding the timely notification of taxpayers when liens
are filed against them.
A federal tax lien is created on balance-due cases in which the taxpayer has
received a notice demanding payment and has neglected or refused to pay. The
IRS files a Notice of Federal Tax Lien (lien notice) to protect its claims against
taxpayers who owe delinquent taxes. These lien notices establish the IRS's priority
among secured creditors for the taxpayers' property.
The IRS must notify the affected taxpayers in writing, at their last known
address, within five business days of the lien filings. However, as noted in
previous TIGTA audits, the IRS has not always complied with this statutory requirement.
In addition, the IRS does not always follow its own internal guidelines for
timely notifying taxpayer representatives of the filing of lien notices. The
IRS does not have an automated process that updates taxpayer representative
information directly to the system that generates the lien notices.
"This is a serious matter," said J. Russell George, the TIGTA. "Because
of this problem, some taxpayers' rights to appeal the lien filings may have
been jeopardized, and others may have had their rights violated when the IRS
did not notify their representatives of the lien filings.”
The TIGTA recommended that the IRS should consult with its Office of Chief
Counsel and identify any actions necessary to correct the potential taxpayer
violations for the untimely lien notices and ensure compliance with undelivered
lien notices procedures.
IRS officials have agreed with all of the recommendations and are planning
corrective actions.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
IMPORTANT NOTICE: THE LOWTAX NETWORK
has taken reasonable care in sourcing and presenting the information contained
on this site, but accepts no responsibility for any financial or other loss
or damage that may result from its use. In particular, users of the site are
advised to take appropriate professional advice before committing themselves
to involvement in offshore jurisdictions, offshore trusts or offshore investments.
All materials on this site copyright THE LOWTAX NETWORK 1999 to 2010.
All content on this site
has been provided by BSIRN.