IRS Asset Seizures – a real fear?

If you have big IRS issues, the likelihood of asset seizure is high. The bureau can seize your assets if they want payment. You may not have a lot left when they're finished with you if you owe them a lot of unpaid taxes.
There are 3 factors that the IRS uses to determine what assets to take:

• The amount of the tax owed vs. the asset needed to pay the tax.
• How convenient it is to seize and dispose of the assets.
• The properties' importance to the person involved.

The IRS will imply asset seizure in hopes that you will choose to sell the asset(s) to pay your unpaid taxes. These are the properties the IRS often targets:

• Bank accounts
• Cars, schooners, airplanes, and luxury vehicles
• Cash value life insurance
• Receivables
• Stocks and bonds
• Wages
• Cash for collection
• Owned buildings, resort homes, and other real estate
• IRAs, Pensions, and Keoghs
• Your home

So, what's left? These are the assets that the IRS cannot seize:

• Clothing, but does not include mink coats or other luxury couture
• Fuel, furnishings, personal effects and provisions limited to $6,250
• Tools of trade and books up to $3125
• Books for school
• Benefits for unemployed individuals
• Worker's Compensation
• Money received as public assistance
• Benefits from job training
• Unreceived mail
• Child support as ruled by the court
• Deposits made to the Special Treasury fund by members of the Armed Forces and Public Health Service employees assigned to permanent work outside the U.S.
• Not all disability payments
• Minimum exemption amount of wages, salary and other income
• Welfare or SSI public assistance payments

Of course, it's best to avoid impending asset seizure. However, what should you do if you have already gotten a notice from the IRS? The release process is easier with enough assistance and our firm can help you. You will have to pay your taxes in full, though, or at least, offer an installment agreement with the IRS, file for bankruptcy as evidence of a hardship, or prove that what was seized was too much for what you owed.

Even though I am a Tampa Tax Attorney, I represent clients all over the United States, how about giving us a call at (888) 438-6474. The call is tollfree.

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