While the IRS uses both a lien and a levy as tools to go after taxpayers who owe taxes, they are not the same.
A lien is a legal claim the IRS files against a taxpayer’s personal or real property when you owe taxes. It acts as the IRS’s security interest in the event that you do not pay your tax debt. The lien will show up on your credit report and will affect your ability to buy a house, car or any other item you need financed.
A levy involves the legal seizure of your personal or real property to satisfy a tax debt you owe. Most of the time, the IRS will issue a levy against your bank account or earnings, including wages, self-employment income, retirement accounts and social security income.
UnTax can help you avoid a lien or levy. In addition, if you’ve already had your bank account or income levied, UnTax can help release or modify the levy. Call UnTax today at 888-773-3968 so we can help you resolve all of your tax debt problems.
Find out more at untax.com