Most taxpayers will never get audited. In 2021, the audit rate for taxpayers with income under $1 million was less than 1 percent. But tax audits have a reputation that precedes them, and getting an audit notice in the mail is enough to make a person’s blood run cold. If you’re one of the unlucky few, you may not know what to expect from an IRS tax audit or state audit.
Al Capone, the notorious gangster and bootlegger, knew that image is everything. His charismatic demeanor and charitable donations kept him in favor with the public, despite his violent crimes and ruthless corruption. However, no amount of charisma could ultimately save him from the IRS.
The Prohibition-era crime boss was brought down and imprisoned for tax evasion – not murder, not robbery, not bribery, not operating illegal saloons, but evading his income taxes.
Of course, that was the 1920s. Things are different today!
Life has certainly changed profoundly in the last hundred years, but tax fraud could still be worthy of jailtime. While not all tax violations result in imprisonment, the IRS will impose heavy fines on those who deliberately avoid paying taxes.
For those of you who are facing a federal tax lien, you’re aware of the stress and anxiety involved in this difficult situation. While not an immediate collection action, a lien still represents a substantial escalation in the IRS’ attempts to recoup a tax liability and can make it difficult for you to sell or refinance the property.
Obviously, the best way to eliminate a tax lien is to pay off your existing tax debt. Short of that, however, you can request a lien subordination. In this blog, we’re going to discuss when the IRS will subordinate a federal tax lien and how this process could improve your financial situation.
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