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The IRS Is About to Levy Your Business or Property: What Do You Do?

The burden of tax debt is devastating enough on its own, but IRS penalties can add considerably to the pain of this ordeal. Levies, in particular, are devastating, as they can impact your wages, bank accounts, or other income and assets. In rare cases, the IRS may even go after taxpayers’ homes. The prospect of […]

Crash Course: The Difference Between an IRS Lien and IRS Levy Explained

The IRS threatens a variety of consequences for nonpayment of taxes. While penalties and interest may be the first course of action, liens and levies are distinct possibilities for large balances not paid over a long period of time. While these repercussions hold many similarities, they’re quite different in practice, as highlighted below. Levies Versus […]

What’s the Difference Between an IRS Tax Lien and an IRS Tax Levy?

The Internal Revenue Service uses two main approaches to recover owed taxes: IRS tax liens and IRS tax levies. Both actions can prove disastrous for taxpayers, but in different ways. If you owe taxes, and you are at risk of collection, it is important to gain an understanding of these tactics and how they may affect […]