Surety Bond for the IRS

#2 11-20-2003, 05:14 PM

Eric773[at]aol.com (Eric Hoefnagel) writes:

- quote -

> Sorry, but you are missing the point on this post. If it was
> not for the pending ETA OIC (for considerably less than the
> full amount of taxes owed) there would not be a problem. But
> the ETA offer is a good offer and stands a good chance of
> being accepted down the road.

Sorry, that just sailed by me in the OP.

It's a good thing I retired when I did. I'm not sure I
could cope with a system that writes off collectible good
liabilities because the taxpayer tells a good story. Who
says kinder, gentler is a thing of the past?

Phil Marti
Topeka, KS

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 11-20-2003, 12:15 AM

philmarti[at]aol.com (Phil Marti) wrote:
- quote -

> Eric773[at]aol.com (Eric Hoefnagel) writes:

> > The city where his property is located has started eminent
> > domain proceedings against his house. It is in a flood
> > plain. The TP and the city are in the midst of negotiations
> > about the value of the property.
> > > TP has contacted several banks and insurance companies to
> > get one of them to submit a surety bond to the IRS for the
> > amount of the taxes owed plus 6 mos. of interest, so the IRS
> > will release their FTL. So far no luck.

> Why bother? If the condemnation goes to court the US will
> be made a party and get paid there, and if they agree on a
> price the IRS will get paid at closing. There's no point to
> incurring a bond expense.

Sorry, but you are missing the point on this post. If it was
not for the pending ETA OIC (for considerably less than the
full amount of taxes owed) there would not be a problem. But
the ETA offer is a good offer and stands a good chance of
being accepted down the road.

The TP, because of his age, would also like to settle with
the city, rather than ending up in court with a condemnation
suit.

Eric Hoefnagel EA
Dallas, Texas

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

11-18-2003, 10:46 PM

Eric773[at]aol.com (Eric Hoefnagel) writes:

- quote -

> The city where his property is located has started eminent
> domain proceedings against his house. It is in a flood
> plain. The TP and the city are in the midst of negotiations
> about the value of the property.
> TP has contacted several banks and insurance companies to
> get one of them to submit a surety bond to the IRS for the
> amount of the taxes owed plus 6 mos. of interest, so the IRS
> will release their FTL. So far no luck.

Why bother? If the condemnation goes to court the US will
be made a party and get paid there, and if they agree on a
price the IRS will get paid at closing. There's no point to
incurring a bond expense.

Phil Marti
Topeka, KS

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 11-17-2003, 09:45 PM

TP owes several years of income taxes. He is 81 years old
and living on a fixed income. An ETA OIC was submitted
several months ago and is in the prelinary stages of
investigation. He has one asset with value, exceeding the
amount of the tax, his residence. There is a FTL recorded.

The city where his property is located has started eminent
domain proceedings against his house. It is in a flood
plain. The TP and the city are in the midst of negotiations
about the value of the property.

TP has contacted several banks and insurance companies to
get one of them to submit a surety bond to the IRS for the
amount of the taxes owed plus 6 mos. of interest, so the IRS
will release their FTL. So far no luck.

Suggestions please.

Eric Hoefnagel EA
Dallas, Texas

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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