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 can include 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. At this point everything you own is just one short step away from becoming the property of the United States Government.
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. The banks don't want the extra risk associated with individuals who have tax liens outstanding.
At Fosselman & Associates, CPAs, we've been serving the accounting needs of Palmer, AK and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.
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