Along with the various forms of levies, the IRS can also place liens. But what is the difference? A levy occurs when money or property is taken from you; a lien happens when another entity is given rights to your property. In the case of the IRS, they can prevent your property from being used for loans or mortgages, and they can keep you from being able to sell it. However, you can still use it otherwise like you normally would. This is done to ensure that they will get their money. If payment does not occur regularly, they can then move forward with a levy.
How do you get rid of a lien? There are various ways, the most common being paying back your debt in full. However, you can choose to give up your property to the IRS to satisfy them. There are other possibilities as well, depending on your situation. Call us today to see what you qualify for!