What Is A Tax Lien? A Tax Attorney Explains

When a taxpayer, whether an individual or a business owes taxes to the IRS, the IRS can file a tax lien, what is also called a Notice of Federal Tax Lien. The ability of the IRS to file this tax lien is statutory. So, what is this tax lien? The tax lien is a lien very similar to the lien a bank would have on hour home or car when you buy that home or car but have used a loan to purchase the asset. The lien attaches to all of your personal assets or business assets depending upon the situation to secure the government’s interest in these assets until the tax debt is paid because the government is in the position of a creditor, just like the bank when you bought your home or car. If the IRS has filed a tax lien against you or your business, it may be advisable to speak with a tax attorney. You can speak with a Columbus tax attorney at The McGuire Law Firm about your tax matters and receive a free consultation from a tax attorney.

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