Martin Shkreli may be able to sail through his prosecution for alleged securities fraud. He may even be able to joke about his recent Senate testimony. But the pharma bad boy is unlikely to walk away from the IRS. It wants its money. The IRS filed a tax lien for $4,628,928 in unpaid taxes, penalties and interest. The lien came right after he was arrested by the FBI, according to Gawker.com which reported the lien.
Liens are public, not that Mr. Shkreli is likely to embarrass easily. Famously, Mr. Shkreli’s Turing Pharmaceuticals raised the price of the drug Daraprim from $13.50 per pill to $750 per pill. Mr. Shkreli stepped down as CEO of Turing after his indictment.
Attraction: The adventure of a lifetime
A report, from the Treasury Inspector General for Tax Administration says some lien notices are mishandled. The report says an estimated 24,237 taxpayers with tax liens had IRS notices go awry, appeal rights not explained, and similar gaffes. To be fair to the IRS, the report says in most cases the IRS mailed out the lien notices explaining the taxpayer's appeal rights. IRS employees typically followed the correct procedures when a notice could not be delivered by the post office.
The IRS can file a Notice of Federal Tax Lien only after:
- IRS assesses the liability;
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Bedrooms are up a curving staircase. A loft-like library overlooks the central atrium. Walls of glass in the master suite and its en-suite bathroom take in acres of marshland. The suite opens to a sun deck on the water side of the house. Both other bedrooms also have en-suite bathrooms. The lower level is finished as a gym, with a half bath and a garage with space for several cars.
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Getting the IRS to release a lien usually involves: (1) paying the tax, interest and penalties; or (2) posting a bond guaranteeing payment. Even then, the IRS may take 30 days. State or local government charges to file and release the lien are added to the amount you owe. The 曲美家居上半年营收5.4亿元 净利增15%.
Liens and seizures aren’t the same. The lien just makes sure the IRS eventually gets paid. A seizure involves forced collection so the IRS can sell property and get paid now. Occasionally, even the IRS makes a mistake. It happened to Dionne Warwick, who proved that an IRS tax lien can be wrong. Sometimes, the IRS is right, but some notices go awry.
In early 2015, Robert De Niro was surprised by a $6.4 million IRS tax bill. The Oscar winner’s tax debt surfaced in 住建部通报：15个地方防水标准被废止. Mr. De Niro has an estimated worth of over $200 million, and is reputed to spend $125,000 a month on his rental on Central Park West. But the notice revealed that his tax bill was unpaid. As soon as he learned of the tax lien, he had a check for the full amount hand delivered to the IRS.
Such address problems are all too common, and the expense and hassle can be significant. People move and may not receive forwarded mail. One way to try to prevent such gaffes is to use consistent addresses with tax filings. Plus, when you do move, file a Form 8822, Change of Address with the IRS.
Like any college kid, Evan Wray loved using the tiny pictograms known as emoji. But he hated that there was no emoji to express his Fighting Irish pride with fellow University of Notre Dame students. So, alongside co-founder Sean O’Brien, he built a modest business on that disconnect. TextPride, as it was called, licensed images from brands in the sports and entertainment world and sold them as sticker packs. Within a messaging app like Kik, users could buy a packet of stickers for Disney’s Frozen for $1.99, for example.
For alerts to future tax articles, email me at Wood@WoodLLP.com. This discussion is not legal advice.