Benjamin Franklin was famous for many things, including his ability to develop memorable turns of phrase. The American founding father famously mused, “In this world nothing can be said to be certain, except death and taxes.”
To tag onto Franklin’s famous words, the Internal Revenues will reliably pursue any suspected unpaid taxes. Tax officials might use a variety of tactics to get an individual to pay up. Musician Courtney Love found this out when the IRS sent her a lien for a reported $319,749 in unpaid taxes. At this point, Love has yet to respond to the tax claims.
The tax lien covered liabilities up through the 2012 tax year. Officials are apparently pursuing unpaid taxes for multiple years, which stretch back to 2009. Apparently, Love had an earlier lien filed against her for unpaid taxes in 2007, which has since been cleared up.
By attaching the tax lien to Love’s property, officials are seeking to leverage the musician into paying back her debt. If she fails to respond, her property could be seized to satisfy the government’s demands.
The recent revelation about the tax lien tops off several years of financial hardship for Love. Even though Love has a music career of her own and receives royalties from Kurt Cobain’s estate, money issues have followed the singer for decades. Hopefully, however, this is an issue she can put to rest.
Even though a person might not be inclined to address a tax lien right away, tax officials are likely to act. Taking action can help ensure that an individual’s property isn’t seized and can establish a path to fully resolving tax debts.
Source: AZCentral.com, “Courtney Love hit with $300K tax bill,” April 11, 2014