Glossary

The Bankruptcy Automatic Stay is a federal injunction that halts creditors from collecting debts from a debtor who has declared bankruptcy, affecting various financial obligations and providing relief for debtors.

Encumbrance on Title refers to claims or liens on a property that affect its transferability and can significantly impact property taxation and compliance.

A lien search is a critical process to identify any legal claims against a property or asset, ensuring clear ownership transfer and tax compliance.

Redemption Fees are charges applied when shares in a mutual fund or other investment are sold or redeemed before a specified holding period. They play a crucial role in tax compliance.

Investment Yield on Tax Liens refers to the returns earned by investors who purchase delinquent tax liens, earning interest or possessing property if taxes remain unpaid.

Tax Resolution Services are specialized offerings that assist individuals or businesses in resolving issues with tax authorities, ensuring compliance and minimizing liabilities.

IRS Publication 594 outlines the collection process for taxpayers who owe federal taxes, detailing their rights and responsibilities in managing tax debts.

A Priority Tax Claim involves taxes or duties owed to the government that must be paid before other debts in bankruptcy scenarios. It ensures compliance with tax obligations.

Tax Lien Statutes serve as legal provisions enabling tax authorities to claim a lien on a taxpayer's property for unpaid taxes. These statutes outline the procedures and obligations for both the government and taxpayers.

The Certified Letter of Lien Notice informs taxpayers about a lien placed on their assets by a taxing authority, underscoring the need for immediate action.