Enrolled Agent Exam [Part 3] 60, Assessment Lien Levy and Collection Sequence

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The IRS collection process begins with an assessment, followed by a Notice and Demand for Payment, which is a prerequisite for liens and levies. - A statutory "secret" lien arises automatically after non-payment, while a Notice of Federal Tax Lien (NFTL) is filed to make the lien public and secure priority against other creditors. - A levy is the actual seizure of assets and requires a "Final Notice of Intent to Levy" sent at least 30 days prior, triggering Collection Due Process (CDP) hearing rights. - The Collection Statute Expiration Date (CSED) is a 10-year clock that starts at assessment but can be suspended by events like an Offer in Compromise or bankruptcy. - Differentiating between a lien release (debt satisfied) and an NFTL withdrawal (procedural correction) is a critical distinction tested on the exam. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep