IRS Tax Liens Defined

By dhinternational  /  July 13, 2011 / Comments Off on IRS Tax Liens Defined
IRS Tax Liens Defined

IRS Tax Liens

Issued by The Internal Revenue Service, IRS tax liens are a part of the US Department of Treasury. The job of the IRS is to collect all the federal tax revenue from individuals and businesses in the United States. When an individual is unable to pay his annual tax bill, the IRS can place a tax lien on his real estate and personal property he owns until the debt is fully paid.

With debts from the IRS, it can result in the personal property loss including the house, car, and other items of worth. Tax liens give the government claim to the property to recover from the government’s loss.
Once the government is able to accomplish the initial requirement to give notice to the taxpayer about his debt and payment still has not been received, the IRS can then place a tax lien on all properties for the tax debt amount with penalties and interest. Once the lien is filed, all other creditors will be notified since federal tax liens take precedence over others in most circumstances.

If the taxpayer dissents with the IRS notice, he has the chance to have an appeal on the decision through Collection Due Process at a hearing in IRS’ Office of the Appeals.

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