IRS Seizures

The Internal Revenue Service (IRS) can seize a taxpayer’s assets to satisfy unpaid back taxes. The IRS can seize assets such as 401k accounts, IRA accounts, vehicles, RVs, boats, primary residences, rental properties, jewelry, and any other asset with monetary value. If there is equity in the asset, the IRS has the right to seize it to satisfy unpaid back taxes.

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When the IRS seizes your property, they can sell your interest minus any loans against the property and apply any proceeds to the balance owed on the account. Once the IRS has issued a final demand notice, they can seize your assets after 30 days of the date on the letter. The first course of collection action is bank levies, wage garnishment, social security levies, and pension levies. The second course of action is generally enforced by a Revenue Officer (RO) after they have attempted to work with the taxpayer to recover the unpaid taxes. This includes seizure of all tangible assets such as homes, vehicles, etc.

If a taxpayer has unpaid tax debt with the IRS, avoiding the IRS will not solve the problem but worsen it. The IRS is the largest collection agency in the United States. It is best to work out an arrangement with the IRS in the form of an Installment Agreement, Offer In Compromise, Currently Non Collectable State (CNC) or other resolution options available for taxpayers to avoid seizure of assets.

It is always recommended to seek a tax professional when dealing with the IRS. IRS hold times can be exhausting, overwhelming, and intimidating. Our tax professionals know the proper channels needed to navigate the IRS roadmap and get the resolution needed for you to get your life back.