Recovery of Seized Property

If you owe back taxes, the IRS might seize your properties to pay off the debt. It won’t be simple to take your assets back and you have huge IRS problems in your hands.

The best way to obtain a release for your assets is to pay the tax liability in full, as well as the penalties that have been assessed and interest that has accrued. If that is not a feasible solution, you may want to consider one of these:

• Offer in Compromise: This is an agreement between you and the IRS that solves your tax liability.
• Obtain an installment agreement: This is a settlement plan that allows you to settle your tax liability in regular monthly payments.
• Prove that release of your assets will facilitate collection. One example of which is if the property that was taken is important for you to run your business and earn money.
• The ten-year statute of limitations on the collection of your tax debt has passed.
• A fraction of the seized property could be returned if its worth more than what you owe.
• File for bankruptcy. This stops further action by the IRS.
• Issue a bond or substitute collateral. This need to be equal to the value of the seized property.
• If you have no assets worth seizing and your present income hardly supports you, you can be “temporarily uncollectible”.
• If your health or welfare is being adversely affected, you can qualify for financial hardship.
• You can request to appeal with the head of the IRS unit filing the levy by a conference.

Do not just stand there and do nothing while the IRS seizes your assets. There is always a better way to solve your IRS issues than letting your properties go on an IRS levy.

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