According to the National Taxpayer Advocate’s semiannual report released in July, federal tax liens are up 475% since 1999.
Federal tax liens are a claim against your property and are filed when a taxpayer fails to pay the back taxes owed within ten days of receiving an IRS demand for payment notice. wholesale nfl jerseys According to JK Harris Company, the nation’s largest tax representation firm, the IRS issues tax liens to stake their claim in getting paid.
“The primary function of the Internal Revenue Service is to collect revenue for the Department of the Treasury,” said Troy Sholl, a Licensed Taxpayer Representative at JK Harris Company. “The IRS files federal tax liens against taxpayers to protect the interests of the government.”
When a taxpayer fails to pay their tax debt, the IRS issues a Notice and Demand for Payment, giving the taxpayer ten days to fully pay their back taxes. If the taxpayer neglects or is unable to pay the debt within ten days, a Notice of Federal Tax Lien is then filed. This is a public notification that the IRS has a claim on certain property or assets of a taxpayer. The lien gives the IRS interest in a taxpayer’s property as a creditor and allows the IRS to collect their share from the sale of the property if it is sold.
“Generally, there is little that can be done to avoid the filing of an IRS lien,” Sholl said. “Among the best measures to attempt prevention of a lien filing is payment of the debt below $25,000 or borrowing the money to pay the debt in full.”
If the taxpayer cannot pay his tax debt and the lien is issued, the negative impact can be long standing. The filing of a tax lien may appear immediately on a consumer’s credit report and hurt their credit rating. According to National Taxpayer Advocate Nina Olsen, a lien filing may cause a 100 point drop to a credit score. Having a tax lien on his or her credit history may prevent a taxpayer from buying a home or car, signing a lease or getting a credit card. Many employers also check credit reports, so the filing of a tax lien might ultimately affect a person’s ability to get or keep a job.
“The best defense is a good offense,” said Sholl. “Pay your tax debts off quickly and, in most cases, consult a professional for tax resolution advice.”
Tata Global Beverages taps into growing green tea culture
Coffee business might have been brewing well for Tata Global Beverages Ltd (TGBL), but the company expectations from its tea business too remain high. The company has launched a range of green tea products, both in the Indian and the international market under its Tetley brand.
The company is tapping into the nascent green tea market, as consumers are gradually switching from coffee and black tea to flavoured green tea, because of its health benefits. Green tea is rich in anti oxidants that helps fight cancer.
Green tea accounts for about 5 per cent of the total tea market in India and is growing at 50 per cent annually. At this rate, the segment is expected to grow four times over the next few years, say analysts.
While the company had launched Tetley green tea with infusions such as citrus, ginger, lemon and honey in the Indian market, it recently launched an innovative range of Tetley tea plus blended with aloe vera, hibiscus, orange, cranberry, rose, among others.http://www.cheapnfljerseysonlinez.top The company has also launched a range of herbal such as pina colada tea in the Canadian market.
Optimistic on the growing green tea culture in India, the company is looking at getting these products in the market soon. Brands such as Twinings, Typhoo and Waitrose have already bagged some loyal customers. Meanwhile, Hindustan Unilever has also launched green tea offering under its Brooke Bond and Lipton brands.
are focusing on more value addition and innovation in the tea segment. There is a huge potential in the green tea market as consumers are getting more health conscious. Consumers do not mind spending extra for such products. We need to promote awareness about the benefits of green tea, said Harish Bhat, Managing Director, TGBL.
For TGBL, tea contributes to 70 per cent of the total business. However, despite the slowdown in the European and the UK market, the company has witnessed significant growth in the Indian tea business and reported a strong sales volume growth. The tea business also saw strong sales and profit performance in Canada and Australia, two of the company’s bigger markets.
The company is also banking on green tea or value added tea in the UK and Europe to beat the recessionary pressures in those markets. are witnessing a few contractions in the black tea segment due to hike in commodity prices. We see growth coming from value added tea products until these markets recover, Bhat said.