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Tax Lien Research Paper

256 Words2 Pages

A Federal Tax Lien or State Tax Lien gives the IRS, or your State Department of Taxation, a legal claim to your property as security or payment for your tax debt. A Notice of Federal Tax Lien may be filed only after:
• IRS assesses the liability;
• IRS sends you a Notice and Demand for Payment - a bill that tells you how much you owe in taxes; and
• You neglect or refuse to fully pay the debt within 10 days after we notify you about it.
Federal Tax Liens are public records that indicate you owe the IRS various taxes. They are filed with the County Clerk in the county from which you or your business operates.
Because they are public records they will show up on your credit report. This often makes it difficult and sometimes even impossible for

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