Tax Lien, two words guaranteed to send chills down almost anyone’s spine. Yet, what is it really? In its simplest terms: it’s a document, issued by a court, saying that someone owing taxes to some municipality (city, county, state etc.)has not paid them
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One of the critical factors to dealing with back taxes and the IRS is knowing what the IRS can and cannot due. For instance, the IRS has to give written notice of what they want to examine in an audit. Most people panic and start trying to be helpful by providing all kinds of information. While you might think this will help get you tax debt relief, it will not. Instead, it will usually result in your audit or tax matter being expanded and that is never a good thing.
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Form 16 is Certificate of deduction of tax at source under section 203 of the Income Tax Act, 1961. Employers provide TDS certificate to the employees on Form 16.