If you owe the IRS, you are at risk of liens being filed against you and your property. Liens can affect your credit score and your ability to refinance your home. The good news is there are options to try and prevent liens from being filed. The key is to take action now and show the IRS you are trying to settle your tax debt.
You hear it all the time on the news about someone getting their bank account levied or someone getting a lien placed on their house. It seems scary and like most things with the IRS, the difference between a lien and a levy can be confusing to a taxpayer. Most taxpayers aren’t sure what an IRS wage levy is or how to know if you have a tax lien. We decided to break down the difference between a levy and lien and what you can expect from either action.