IRS SEIZURE

Unlike the levy, which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.

A seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don’t think they won’t. Many a newspaper or television show has reported citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.

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 polices, and even your retirement funds.

Is an IRS Seizure the same as a Levy?

Yes! So, if the IRS is not able to recover unpaid taxes with a lien, then the next step is to levy the taxpayer's assets. A levy is the actual seizure of taxpayer assets by the IRS. This is the final method of enforcement of taxation when all other attempts to collect taxes have failed.

Tax levy notices are usually issued to the employers and financial institutions of delinquent taxpayers. However, not all taxpayers who are issued notices of levy will actually have their assets seized. Various factors, such as the taxpayer's geographic location and history of payments will determine the likelihood that this procedure will occur.

The rules and procedures for asset levies are outlined in Section 6330 of the Internal Revenue Code. The IRS must provide the taxpayer with a written notice of intent to levy along with an explanation of the right to appeal at least 30 days before taking action.If you’ve received an IRS seizure notice, it’s time to act now!

Since this is an extremely time sensitive matter, it’s in your best interest to know exactly what your options are. Please click the green button below and schedule your free Tax Strategy Analysis Today!