Business, Legal & Accounting Glossary
A means used by the Internal Revenue Service to collect unpaid tax. If an individual fails to pay his taxes even after demand letters are sent to him, the IRS automatically attaches a lien not only on his properties but also on his property rights as well. Some relief from an automatic tax lien includes appeal, paying the amount of tax including penalties and interest and entering into compromise agreement with the IRS.
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This glossary post was last updated: 20th November, 2021 | 0 Views.