- November 21, 1990
- All Underwritten Companies
- Internal Revenue Code Change in Statute of Limitations for Collection of Taxes
Please be advised that effective November 5, 1990, the Statute of Limitations for a Federal Tax Lien is changed from six (6) years to ten (10) years. This new limitations period will apply to taxes assessed after the date of the enactment of the act and taxes assessed on or before the effective date if the six (6) year limitation period had not expired as of November 5, 1990. Presently, it is the Internal Revenue Service's position that they shall re-file all current notices of Federal Tax Liens as a matter of Public Record in order to continue the effect of the filed notice. Each notice of lien should be re-filed by the date as shown on the face of such notice. If any notice is not re-filed by that date, the notice is considered released. It is the Internal Revenue Service's position, presently, that should they desire to re-establish the notice of lien they would have to revoke the release and file a new Notice of Lien in accordance with Internal Revenue Code Section 6325(f)(2).
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.