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IRS Seizures and their Consequences

By Darrin Mish

The threat of asset seizures by the IRS is usually enough to get most taxpayers to pay their back taxes.  If your IRS Problems are severe enough for you to be worried about the seizure of your assets to pay off your tax debt, then it is time to seek professional help.  The IRS usually uses this tactic as a last resort.  If you have been ignoring the IRS notices regarding your tax debt, it will have grown from both the addition of penalties and interest.  Now is the time to work things out before your tax debt gets any bigger.    

 

Reasons for Seizures

 

Typical reasons for IRS seizures include:

 

•    Continued non-payment of taxes

 

•    Unwillingness to work out a payment plan for your tax debt

 

•    The IRS has tried every tactic to collect your back taxes

 

IRS seizures usually occur when the taxpayer owes a large sum.  The IRS will investigate the taxpayer’s assets to determine their value. If any or all of your assets are seized, think of the affect this will have on you and your family.  It may become impossible for you to make a mortgage or car payment or conduct any banking transactions.  This is not an IRS Problem that will go away.  Now is the time to get organized and work things out.  

 

Assets that can be Seized

 

•    Bank accounts

 

•    Real estate – investment and/or vacation

 

•    Wages

 

•    Vehicles – cars, boats, airplanes, recreational vehicles

 

•    Collectibles

 

•    Life insurance

 

•    Stocks and bonds

 

•    Pensions, IRAs, Keoghs

 

•    Assets you may have transferred to family or friends

 

•    Your home

 

It is also important to be informed.  The IRS has to allow a hearing before they can seize your assets.  This will give you more time to raise the money you will need to pay your tax debt.  You also need to learn about the ways you can negotiate with the IRS.  You might want to consider obtaining an installment agreement or an Offer in Compromise with the IRS.  

 

There are many facets to the IRS seizure process.  With wise counsel, you can get your financial situation under control and rid yourself of the burden of your tax debt.  You and your family will be able to enjoy life without the stress of IRS Problems.  With guidance from our knowledgeable staff, you can get relief from your tax debt or any other IRS Problems you may be experiencing.  Contact us today tollfree at (888) 438-6474 to schedule an appointment to talk to Tax Attorney, Darrin T. Mish about your unique IRS Problem.

 

 

Full post as published by IRS Problem Solver Blog on April 29, 2008 (boomark / email).