IRS Liens

When back taxes are not paid, the IRS may establish a lien against the taxpayer's assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of these assets, which may include numerous possessions owned by the taxpayer, depending on the amount of taxes owed and penalties incurred.

The lien can be against the taxpayer, the taxpayer's spouse, or the taxpayer's company. A lien against the company would seize the accounts receivables.

Liens filed against the taxpayer by the IRS also show up on their credit reports and often prevent them from opening a checking account or borrowing against any assets, like a home.

Additionally, with a Federal Tax lien on a person's record, the taxpayer may not be able to get a reasonable loan to purchase a car.  A high interest loan would be the most likely scenario.  A Federal Tax lien would make any purchase, especially real estate, extremely difficult if not impossible.

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