Levies and IRS Liens

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IRS Liens doesn’t actually mean they take or “seize” your property; it just makes it very difficult if not impossible to refinance or sell the property. If you have an IRS lien and want to proceed with the sale of the real property or refinance have the IRS discharge the property from the lien. Sometimes the IRS will accept the equity on the sale (if there is any) in exchange for discharging the lien. The lien will also show up on your credit report which could affect other parts of your life.

An IRS levy is much more serious than a lien. With a levy, the IRS can actually seize your property and your bank account could be frozen up to the amount of the levy for 21 days. You can challenge the levy, but if you are not successful, the funds are automatically given to the IRS. If you are successful, the IRS will garnish wages.

The difference between a lien and a levy is the effect on the property you own. A lien is just a claim registered against property for not paying taxes. It does not deprive a taxpayer of their property or the right to transfer property. Levies, on the other hand, usually happen because of bad or lack of communication between the taxpayer and the IRS. A Levy means a seizure. It basically takes your property and transfers your ownership of the property to the government.

At Tenina Law, Inc., we have the knowledge and experience necessary to assist you with every individual tax situation. Dealing with liens and levies on properties owned can be a stressful experience for anyone. you need a tax lawyer who specializes in tax law and has experience in helping people get rid of their IRS problems.