Ronald J. Cappuccio, J.D., LL.M. (Tax)
Tax Attorney
(856) 665-2121
Email: Ron@TaxEsq.Com

IRS Tax Liens and Levies

Tax Liens

The Internal Revenue Code Sec. § 6321 gives the IRS the right to impose a tax lien:

If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belong to such person.

The IRS Tax Lien lasts for 10 years -IRC § 6502

The Tax Lien arises automatically 10 days after tax is due. The IRS perfects the lien by filing a Notice of Federal Tax Lien in the County and State of the Taxpayer's residence. This lien applies against all assets of the Taxpayer. The Tax Lien is the equivalent of a judgment and will usually prevent borrowing on property and will greatly hurt the taxpayer's credit score.

Tax Levies

The term "tax levy" means an administrative action without going to court by the Internal Revenue Service to seize property of a taxpayer to satisfy a tax liability. The IRS can seize:

Wages
Bank Accounts
Money Due such as Accounts Receivable
Motor Vehicles (Cars, Trucks, Boats)
Business Machinery and Equipment
Personal Possessions
Your First Born Male Child (just kidding!)

When you get a Notice of Lien or any Tax Collection Notice from the IRS, immediately call Ronald J. Cappuccio, J.D., LL.M.(Tax) Lawyer at (856) 665-2121. Do Not Delay!

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Tax Attorney 1800 Chapel Avenue West, Suite 128 Cherry Hi;ll, NJ 08002 USA (856) 665-2121 Email: Ron@TaxEsq.com