Tax Debt

Federal Tax Lien
A Federal Tax Lien is a legal claim by the government on all properties and rights to properties of a taxpayer who fails to pay a tax for which they are liable.
General Tax Lien
A general tax lien is a legal claim by a government entity against a taxpayer's assets for unpaid tax liabilities, affecting all of the taxpayer's property.
Tax Foreclosure
Tax foreclosure is the legal process to enforce a lien against a property due to nonpayment of delinquent property taxes.
Tax Liability
Tax liability refers to the total amount of tax debt owed by an individual, organization, or corporation to a tax authority. It includes both current taxes due and any unpaid taxes from prior periods.

Accounting Terms Lexicon

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