by 
The Curious Bag
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An IRS tax lien grants control of your property to the IRS, according to DebtHelp.com. A lien removes your rights to the property. Your creditors will be informed, and it may negatively impact your credit rating.
Requirements
A lien may be instated only if the IRS has analyzed your tax situation and has demanded payment. If payment is not received within 10 days, a lien may be granted.
Property Seizure
If your tax debt problem persists, the IRS may seize your property, according to Debt Help. If the equity in your assets (car, home, etc.) is equal to at least 20% of your debt, the IRS may take those items as payment.
Levy
If the debt is not taken care of after a lien, the IRS may instate a levy. This allows the IRS to take money equal to your debt (or as close as possible) from your bank accounts.
Release
IRS tax liens can be released if payment is received within 30 days of the lien's initiation. Setting up a payment arrangement with the IRS also can lift the lien.
Consideration
Call a tax professional if you have any questions regarding the terms of your lien.
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