IRS To Shut Down Local Property
Dear Friends,
I was hoping to receive any insight from this forum as I've been watching and reading for a few months and have notice several of you are extremely intelligent in matters beyond the scope of my knowledge.
Here's a deal that is the subject of my post. A local small-town business (in business for 30 years) has been closed by the IRS. The original owner had given managerial rights (with maybe a contract-for-deed, who knows) to an employee about 5 years ago. Apparently this employee did not know how to run a business. Rumors are floating around this small town that three men in suits came in on Monday and told everyone to get out (employees and customers). They then padlocked the door. There is now a sign on the door that says, "closed for restructuring". The property is a PRIME location for just about anything a small town might need (boat sales, gas station, mini-storage, apartment building, possibilities are endless). It also has a vacant lot attached to the property. I called the county assessor and they said the taxes are current. The only other thing I can think of is payroll taxes (that's sort of been the rumor). My question to the group is how can I find out more information about this without calling the owner just yet. I do know the owner (as everyone knows everyone in a small town). The county tax status was easy to find. Is federal taxes status public information?
Thanks in advance, and thank you for a great resource of this website.
Marc
marc_hoffmann--(MN)---------------
Federal tax liens are recorded in the county land records. This is usually the recorder or clerk office.
You can also learn other information about the title situation there, such as loans or mortgages against the property, judgements, and other liens against the owner or the property.
Good Investing********Ron Starr*********