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What is the difference between an IRS tax lien and an IRS tax levy?
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A tax lien gives the IRS the right to make a claim against all property owned by the taxpayer to satisfy a tax debt. Once the IRS notifies the taxpayer of the alleged tax liability, the lien or claim begins if the taxpayer does not pay within 10 days. A tax levy is the actual seizure of your property to satisfy a tax debt. The IRS has the power to seize your wages, bank accounts, personal property, and even your house to pay the debt. Many people donʼt realize there are options to deal with the IRS and lower their liability. One way is through an Offer in Compromise. This is a written agreement between the IRS and taxpayer to pay a lesser amount as a settlement of all unpaid taxes, interest and penalties. It is best handled with the help of an experienced professional. If you get an IRS notice, the worst thing you could do is ignore it. The interest and penalties will grow and grow --- the IRS will be relentless until they are satisfied. Let us help you with your IRS PROBLEMS. Give us a call today at (866) 643-3560
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