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A tax lien is a government’s right to lay claim to business or personal property to settle tax debt that’s in arrears. Tax liens can be executed at the local, state or federal government level. For example, a local government could place a tax lien if a person or business is behind on property taxes.
A lien is filed against your business’s assets if you’re delinquent on business taxes. Similarly, a lien is placed on personal assets if you’re in arrears on personal taxes. A sole proprietor, however, could have a tax lien placed on both personal and business assets.
The government uses tax liens to collect unpaid debts. The IRS or your state tax agency may issue a tax lien. The lien is the government’s legal way of saying that they have priority on being paid for the debts you owe. When a tax lien is filed, your credit card company, business lender, and anyone else you owe money take a backseat to the government.
A business tax lien is a formal actions by the federal government against a business who fails to make payments of their taxes in a timely manner (IRS assesses your financials, determines your payments, sends you notice of payment an payment isn’t made in a within 10 days of the IRS demand of payment). The purpose of the IRS placing a tax lien against a business or corporation (not to be confused with a IRS levy) is to protect the government’s own interests in collecting taxes in arrears, but to also warn other creditors and lending companies of the legal right by the government to the company’s assets.
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