The IRS recently slapped a tax lien on all of Master P’s property. Percy Miller, a.k.a. Master P, allegedly owes more than $1.5 million in back taxes.
The Blast reports that Master P’s huge bill comes from combined deficits in three different tax years. The IRS wants $1,199,769.48 from 2004, $305,245.73 from 2005, and a whopping $4,447.50 from 2008.
If Master P doesn’t pay up soon, the feds will sell his property to get their money.
What is the difference between a tax lien and a tax levy?
A tax lien is the chewy nougat center in the middle of an IRS collection nightmare. Before imposing a tax lien, the government must first send you a bill. Second, you must forget or refuse to pay that bill.
Liens attach to all of your assets (real estate, cars, jewelry, stocks, etc.) If you own a business, it attaches to all of your business properties as well. Having a lien on file against you can make it hard to get credit. And, like federal student loans, bankruptcy will not discharge the debt (and by extension the lien) you owe to the government.
If a tax lien is the chewy nougat center, the tax levy is the outer chocolate shell. A tax levy occurs when the IRS takes your property and sells it to satisfy your debt. It is 100% legal for the government to sell your stuff to pay your tax bill.
Think they won’t do it though? Think again. And when you least expect it, they are waiting on your next pay day or big check. You won’t even see it coming.
Looking for guns, cars, or jewelry? Check out the Treasury Department’s site for the latest and greatest!
Need a new house? The government is selling those too!
How do I get rid of a tax lien?
It is so easy to get rid of a tax lien that I can tell you how to do it with three words: Pay. Your. Taxes. If you can’t afford to pay all your taxes at once, don’t worry! The IRS will help you set up a payment plan. They really will work with you so call them.
Bottom line: Uncle Sam know’s how much you owe him and he’ll stop at nothing to get it. Pay your taxes if you want to keep him off your back!