Federal Tax Liens can really make your life miserable! 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. 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 work when the IRS comes in to take your money.
With a Federal Tax lien on your record you can't get a reasonable loan to purchase a car. Think about paying 18-22% interest on a car that is already too expensive. You definitely cannot buy or sell any Real Estate. The list is endless.
Young Accounting, Ltd.
7777 Lake Street, Suite 200, River Forest, IL 60305 Tel (708) 366-6377 Email ken@youngcpafirm.com
Young Accounting is a Chicagoland accounting firm that provides a wide variety of accounting, tax and financial management services. Our clients are located in towns like Oak Park, River Forest, Chicago, Elmwood Park, Melrose Park, River Grove, Forest Park, Riverside, Elmhurst, Downers Grove, Westchester, Hillside, Oak Brook, Hinsdale, La Grange, Villa Park, Westmont and more. We service clients in Cook County, DuPage County and Lake County.
