A tax lien is a legal claim placed on a person’s assets — such as a home,
car or bank account — due to their unpaid tax debt.
If the person does not attempt to repay their debt, the government
may seize and sell their assets
What’s more, a lien is a public document, which means anyone can check to see if there’s a lien on your home. As a result, a tax lien makes buying or selling a property very difficult.
The federal or state government can put a lien on a property. A federal tax lien takes precedence over all other creditors’ claims. If the IRS intends to put a tax lien on your assets, they’ll send you a Notice of Federal Tax Lien.
To avoid the negative consequences of a tax lien, call us for help. We provide full range of professional tax debt solutions for our clients.
A levy is a legal seizure of your property to satisfy a tax debt.
Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.
To collect a delinquent tax IRS has a legal right to levy any property or right to property you own or have an interest in. For instance, the IRS could levy property that is yours, but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions). Or, the IRS could seize and sell property that you hold (such as your car, boat or house).
We are here to continuously support our clients in accomplishing their business and personal goals
We provide full range of professional tax debt solutions for our clients.
In case you received a levy notice (Final Notice of Intent to Levy and Notice of Your Right to A Hearing) don’t hesitate to contact SunTax Consulting immediately.
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