The IRS has seized your property….can you get it back?
Seized Property Recovery
The IRS uses the collection power of a levy to seize your property and wages as settlement for non-payment of tax debt. If your assets have been seized by the IRS, you have big IRS issues and major stress in your life. You will find that it isn't easy to get an asset back once it has been seized. The intention of the IRS is to sell your assets and use the money from the sale to pay off your tax debt.
Pay off your tax liability in full, including the interest and penalties on top of it, so you can get your assets released. Consider one of these if this isn't a feasible option:
- You may request to appeal with the manager of the IRS unit filing the levy by a telephone conference.
- Qualify for financial hardship. The IRS will determine if your health or welfare is adversely affected.
- If you have no properties worth seizing and your current income hardly sustains you, you can be "temporarily uncollectible".
- Put out a bond or substitute collateral. This has to be equal to the value of the seized asset.
- Declare bankruptcy. This stops further action by the IRS.
- A fraction of the seized property could be returned if its more than what you owe.
- The ten-year statute of limitations on the collection of your tax debt has expired.
- Show that release of the assets will facilitate collection. One example of this is if the property that was taken is important for you to run your business and, in turn, earn money.
- Obtain an installment agreement: This is a plan that allows you to pay your tax liability in regular monthly payments.
- Go for an Offer in Compromise to dissolve your tax bill.
The point is that you should not stand by and do nothing while the IRS seizes your assets. There are better ways to solve your IRS problems.
If you would like assistance with your IRS Problem give us a call at (888) 438-6474. The call is free and Tampa Tax Attorney, Darrin T. Mish is looking forward to speaking with you and discussing your options with your IRS Problem. He represents clients all over the United States.
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