What is an IRS Seizure?A seizure is a step the IRS takes, that allows them to actually seize your property and sell it to get the money they are owed. This can include a house, a boat, or a car. The IRS can also file a levy against your bank account and seize your finances. You normally have 30 days after you receive a notice, before they actually seize your property.
- They must verify that you are actually liable for the amount owed.
- They must consider other collection possibilities
- Research must be done about the value of the assets
- Verify the equity of the assets to make sure the amount will cover the debt owed.
What Should Be Done?If you have the amount of cash to pay the IRS, it is advisable that you proceed to do that. If you do not have the cash, which most people do not, you can liquidate any assets you have available, to satisfy the amount you owe. Try and make any type of arrangement you can such as an installment agreement or payment plan, so the IRS cannot seize your house or car.
Things can get out of hand quickly when it comes to owing the IRS. The IRS will add penalties and interest to the amount you owe which can easily almost double the amount you owe, and that is before they seize your property. Get more information on penalties and interest.
If you have received a notice of intent from the IRS, do not postpone. Contact the IRS or a tax professional today. New York Tax Attorney Service can connect you with a qualified tax professional, so call (347) 535-4017.