This may affect your credit.The consequences of an IRS filing a Notice of Federal Tax Lien are significant. This lien is public record, and eventually may show up on one's credit report which can severely impact their ability to secure further credit in the future as well as lower their credit score.The effects on your assets.A federal tax lien restricts your ability to utilize and monetize any existing or future assets - from real-estate, stock investments, automobiles, etc. This means that the IRS is first in line for proceeds if you were to sell any of your assets, before you receive any cash.The affects on your business.Protecting your business from financial troubles is important, and a lien can be especially damaging. It attaches to all of your property — including accounts receiv...
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