All About IRS Seizures
You know how devastating IRS problems are to you and your family. You may want to turn to somebody for assistance if a seizure of your assets is a probability. Call our company today for help with the paperwork necessary to solve your IRS issues.
These circumstances are normal causes for the IRS to consider seizure of your assets:
- Refusing to pay your taxes
- Not finding a way to pay your tax debt
- If every method tried has failed to collect your back taxes
As a last option, the IRS will seize your properties, if you owe a large amount in tax debt, and if your back taxes has been there for quite some time, it would already have accumulated interest and penalties. The IRS will assess the value of your assets prior to seizing them.
Assets the IRS can seize:
- your home
- your bank account
- your salaries
- your life insurance
- your collectibles
- your pensions, Keoghs, and IRAs
- your vehicles, such as planes, boats, automobiles, and luxury vehicles
- your investment and holiday real estate
- your stocks and bonds
- assets transferred to your friends and family
The partial list is enough to show how seizure could be devastating. You may not have enough funds to make a mortgage or car payment if these assets are tied up.
The good news is that the IRS has to allow a hearing before assets can be seized. You can use this time to raise money to pay the taxes. You may find out if the seizure if fair or if an Offer in Compromise or an Installment Agreement is possible at the hearing.
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