IRS Tax Seizures
Unlike the levy, which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as cars, furniture, jewelry and/or houses. If you are subject to an IRS seizure, your property can be taken from you. Seizures usually happen when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
The government can take your personal property and assets away from you for their back taxes. They can also seize your property if suspected criminal activity is occurring. Unfortunately, the government can hold on to your property for as long as necessary, or they can sell them at auctions.
Reclaiming Your Seized Property
Typically you’ll have 30 days or so to respond to a notice of property seizure, depending on the state. If you want to get your property back, it’s a wise move to take action and indicate to them your wishes. Whether you have been accused rightly or not, a seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets.
When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance policies, and even your retirement funds.
Acting quickly and assertively is always a good idea. Following the right process and procedure is also advised.
We have the experience and knowledge necessary to assist you with your individual tax situation. Dealing with tax problems can be one of the most stressful times of anyone’s life; don’t handle property seizures alone – consult a CPA who can work with you to find a resolution and if necessary will act on your behalf before the IRS.