The IRS happens to be a “supercreditor.” As if the IRS wasn’t scary enough! Congress has blessed them; they do not have to jump through the usual hoops like other creditors to collect what is due. If Mayweather ignores the IRS, they could tap into their unique ability and send him a Notice of Intent to Levy, which means that the IRS could take the money in his bank accounts, seize assets, collect from accounts receivable and garnish his wages. The IRS can also sue in federal court to collect taxes. It’s not very easy to dodge or run away from the IRS.
Liens cover just about everything you own. They affect your assets, credit and business. Assets include property, securities, and vehicles. Tax liens affect your current assets and assets you acquire in the future during the duration of the lien. Federal tax liens may lower your credit and affect your ability to get credit and desirable interest rates, which is important when making most major purchases such as homes and cars. Lastly, tax liens are also placed on business property and all rights to business property. The IRS even figured out how to have tax liens survive bankruptcy.
Don’t let the IRS beat you up. You can avoid a federal tax lien by doing what you are supposed to be doing. Simply file and pay all your taxes on time. Easier said than done, right? Life happens. If you can’t file or pay on time, get in contact with us before the IRS starts sending you letters. Let the professionals deal with IRS. You have better things to do with your life. As for Mayweather, he should have better success with Mcgregor than he did with the IRS.