What really is the difference between a lien and levy and how do these impact me?
This is the question asked frequently at their offices and it's important to understand the fundamental differences between the two. Regardless of which you receive, timely action is the most important part!
So sit back, relax, and enjoy another enlightening episode full of beneficial information that can help if you find yourself receiving a lien or levy from the IRS.
- 0:24 - Overview on the topic of the day
- 2:20 - What is the difference between a lien and a levy?
- 10:30 - How the liens can impact your assets
- 14:50 - How the Brysons handle liens with their clients
- 17:48 - How a levy is handed down by the IRS
- 22:42 - The element of 'good faith' when addressing issues with the IRS
- 27:13 - An example of going through the levy process with a client
- 34:40 - Liens and levys can become messy if you don't tend to them quickly
- 36:47 - Closing remarks