Have You Received Notice of an IRS Lien or Levy?

Receiving a notice of a federal tax lien can be an intimidating and confusing process. Can the IRS take your property? Does the IRS have the ability to take your property? What are your repayment options? The Frost Law Tax Team aspires to dive deep and clear these murky waters.

What is an IRS Lien?

The IRS issues a lien in order to recoup owed debt after an individual withholds their tax debt. The IRS will take a financial interest in all assets owned by the individual including real estate, personal property, or any financial equity.

A lien can have a negative impact on one's credit, and may even transfer to future assets acquired during the lien.

What is the Difference Between a Lien and a Levy?

A lien and a levy appear similar at first glance but differ in a few substantial ways. A lien is solely solidifying the IRS' interest in an individual's property when there is an unpaid debt. A levy is the physical seizure of said property, whether it’s garnishing wages, taking funds directly from a bank account, or selling an individual’s vehicles and other property.

Call today at (443) 545-3023 to arrange a confidential consultation with an experienced tax attorney. Or, if you prefer, complete our brief online form.