What is a Tax Lien?
When it comes to
collecting tax debt, the IRS has a variety of options to use. Certain ones can
only be used when proper criteria have been met. That is the case when it comes
to a lien.
A lien is the Federal government’s claim against the property of a
taxpayer who does not pay their tax debt. This is not a levy, where the
property is seized by the IRS. In this case, the government is saying it has
the right above anyone else, to the value of the property in order pay the tax
debt. This declaration will apply to any current of future personal assets.
This would apply to a business as well.
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