TAX NEWS - 2010

IRS Tax: IRS Seizures

The possibility of the IRS seizing your assets to pay off taxes and solve your IRS problems is devastating. If you need assistance, our office can help you to settle your IRS problems. Some common causes for the IRS to seize your properties:

- Refusing to pay your taxes
- Not working out a way to settle your tax debt
- If everything attempted has failed to collect your back taxes

If you've owed taxes for quite some time, it would've accrued penalties and interest and would be quite a large amount, so the IRS will consider seizing your properties as a last resort. The IRS will assess the value of the assets before it seizes them. Assets that may be seized are:

your house
your bank account
your wages
your life insurance
your collectibles
your pensions, Keoghs, and IRAs
your vehicles, like airplanes, boats, automobiles, and recreational vehicles
your investment and luxury real estate
your stocks and bonds
assets you may have transferred to friends and family

The partial list is enough to show how seizure could be devastating. You will not have enough funds to make a mortgage or car payment if these assets are tied up. It's never a good idea to put your head in the sand like an ostrich and wait to see if the IRS is going to seize your paycheck or even your house. A hearing has to be done before properties can be taken, so you can negotiate an Installment Agreement or Offer in Compromise or raise money to settle your debt.