Sentences with phrase «tax debtor»

Tax lien: The IRS or a local taxing authority may file a claim against a defaulting tax debtor's property or assets for overdue or delinquent federal income or real estate taxes.

Unfortunately, if you owe over $ 20,000 in IRS back taxes, then you should consider yourself to be in the «big fish» category of IRS tax debtors, and you're going to need to act accordingly.

So, for an individual to get Canada Revenue back on board when they are the majority creditor has to have a plan to ensure that they're not going to be a tax debtor going forward, that they have a plan to deal with their tax debts going forward and then they can deal with the consumer proposal for the past debts.

Penalty abatement: Through this tax debt resolution method, a tax debtor challenges interest and penalties for a specific length of time.

Because the tax debtor's monthly payments to the IRS are not a full pay - off of the debt, this type of settlement is referred to as a partial payment installment agreement.

Tax debtors may utilize one of numerous programs offered by the government, such as penalty abatement, an installment agreement, and an offer - in - compromise.

In order for the IRS to grant an Offer in Compromise, a tax debtor must establish one of the following grounds:

A tax debtor does not have many options to choose from when trying to resolve tax debt.

Recently, the Federal Court of Appeal confirmed that a tax debtor's bankruptcy does not extinguish the federal Crown's priority to proceeds a secured creditor obtains from that tax debtor's assets before its bankruptcy.

Recently, the Federal Court of Appeal confirmed that a tax debtor's bankruptcy does not extinguish the federal Crown's priority to...

The purpose is to prevent a tax debtor from transferring assets to a spouse or other relative and not having any assets left with which to pay.

* If the tax debtor / transferor goes bankrupt, the discharge from bankruptcy relieves that person from paying CRA the amount due but the order of discharge does not extinguish the debt and the transferee is still liable and must pay; in effect this gives CRA an additional means of collecting outstanding tax debt of the bankrupt outside the bankruptcy;

* Non-arm's length usually means family or relatives; but it has on occasion been extended to a friend, business colleague or someone with whom the tax debtor is working closely towards a mutual goal;