When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your accounts receivables.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home or even get a resonable loan to purchase a car.
What you should do when a tax lien is in place
When a lien is put in place, it is bet to take action as soon as possible and not wait until the statute of limitations expires.
We have the knowledge to release your tax lien and determine your best course of actions. Together, we can decide whether you should file a tax return or file your back taxes and whether you want to pay your back taxes in full, setup a payment arrangement with the IRS or look at other optios depending on your financial situation.