J.K. Lasser Daily Tax Tips

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J.K. Lasser's Your Income Tax 2008

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IRS Failure To Release Lien

A suit for damages may also be brought in federal district court against the IRS if IRS employees improperly fail to release a lien on your property. Before you sue, you must file an administrative claim for damages. The lawsuit must be filed within two years after your claim arose. You may sue for actual economic damages plus costs of the action; the types of damages that may be recovered are similar to those discussed for suing the IRS for unauthorized collection actions.


Previous Daily Tax Tips:

11/20/2008 - IRS Failure To Release Lien

11/19/2008 - Penalty for Frivolous Action

11/18/2008 - Recovering Attorneys' Fees

11/17/2008 - Upfront Payment for OIC

11/16/2008 - Penalty for Frivolous Tax Court Action

11/15/2008 - Notice of Deficiency

11/14/2008 - Too Good to Be True

11/13/2008 - Penalties Relating to Reportable Transactions

11/12/2008 - Waiving Your Right To Appeal

11/11/2008 - Audit Scheduling

11/10/2008 - Authorize Someone To Discuss Return Processing Problems

11/9/2008 - No Limitation Period for Fraud

11/8/2008 - Taxpayer Rights Web Page

11/7/2008 - Audits on the Rise

11/6/2008 - Refund Offset for Overdue State Taxes

11/5/2008 - Disability Suspends Limitation

11/4/2008 - Time Limits Must Be Observed

11/3/2008 - Making a Deposit To Suspend Interest

11/2/2008 - Free E-Filing

11/1/2008 - Interest Not Paid on Most Refunds

10/31/2008 - You Can Get a Six-Month Filing Extension

10/30/2008 - Get Timely Postmark for Last Minute Mailing

10/29/2008 - Keep Copies

10/28/2008 - Getting a Copy of an Old Tax Return

10/27/2008 - Optional Method

10/26/2008 - 50% Deduction

10/25/2008 - Trader in Securities

10/24/2008 - Freelancer Fees

10/23/2008 - Real Estate Investor

10/22/2008 - Recapture of Net Ordinary Losses

10/21/2008 - Capital Gain or Ordinary Loss

10/20/2008 - Tax-Free Exchanges

10/19/2008 - Installment Sale

10/18/2008 - Dispositions Other than Sales

10/17/2008 - Leased Vehicle

10/16/2008 - Trade-in Adjustment

10/15/2008 - Basis Reduction for First-Year Bonus Depreciation

10/14/2008 - Recapture of MACRS Deductions

10/13/2008 - First-Year Election Affects Later Years

10/12/2008 - Capital Improvements

10/11/2008 - Claiming First-Year Expensing or Depreciation for Your Car

10/10/2008 - Computer Software Not Subject to Amortization

10/9/2008 - Covenants Not To Compete

10/8/2008 - Abandonment of Leasehold Improvements

10/7/2008 - Demolition and Cleanup Costs in the GO Zone

10/6/2008 - Additions and Improvements

10/5/2008 - Computer Software

10/4/2008 - Depreciation Restrictions for a Computer

10/3/2008 - Should You Elect Straight-Line Recovery?

10/2/2008 - Half-Year Convention


The Daily Tax Tip content is provided by America's all-time best selling tax guide, J.K. Lasser's™ Your Income Tax Guide 2006 by John Wiley & Sons, Inc. Tax advice provided by The Daily Tax Tip shall not be construed as a substitute for the advice obtained or given by a certified tax professional.