Replies to post #16607 on Labor Smart Inc (LTNC)

[DD2Gain]

You must mean IRS publications are wrong...lol


Being as Labor Smart currently has a lien filed against it in every state it operates, this is important to get straight with $1 million dollars of delinquent payroll taxes on the line. 

When a company is sufficiently delinquent, the IRS sends out a notice of lien with the following purpose: 

A Notice of Federal Tax Lien gives public notice to creditors. We file the Notice of Federal Tax Lien so we can establish the priority of our claim versus the claims of other creditors.

[Publication 594]


There is no subordination of the IRS without a specific request under the following condition: 

a subordination may be issued under this section if the IRS determines that the issuance of the certificate will increase the amount the government realizes and make collection of the tax liability easier

[Publication 784] 


One would think that Schadel would have disclosed such an unlikely subordination. Then again, he didn't disclose the amount owed until almost 6 months after the fact, still hasn't disclosed the full term of the agreement, and has NEVER disclosed the lien, so the devil only knows what the hell is going on in the corporate office, which might well be back in Schadel's house.