IRS Seizures | Tax Seizure | Flat Fee Tax Service
Updated: Jun 15
WILL THE IRS SEIZE MY WAGES, BANK ACCOUNT, BUSINESS OR MY RESIDENCE? Federal Tax Lien, IRS Seizure, Notice of Intent to Levy, Offer in Compromise (Tax Settlement), Tax Debt Help and Tax Relief
You and/or your business have accrued a tax liability and are now receiving increasingly threatening letters from the IRS that indicate that they are going to enforce collection and seize your assets. You will have many questions such as, 1. Can the IRS actually do this? 2. Will the IRS seize my corporate assets and shut my business down?
3. Will they seize my residence? These are some of the most common and obvious concerns of my clients, and the purpose of this article is to address when and how the IRS can actually move forward with their threats of asset seizure.
IRS ASSET SEIZURE OF MY BUSINESS OR HOME
Before the IRS can start seizing assets, the IRS must first go through the standard collection procedures by issuing a series of collection letters. With a few very limited exceptions, the IRS may not forcibly seize assets until after it has issued a Final Notice of Intent to Levy.
It is worth noting that seizing assets is typically one of the last measures the IRS takes in their attempt to resolve a tax debt. The IRS usually will not seize assets from taxpayers who will pay or cannot pay the outstanding liability unless the taxpayer continues to violate the tax laws or simply refuses to cooperate. The IRS has determined that taxpayers who will pay or cannot pay meet the following criteria:
a. They do not agree with the assessment and are working with the Service to properly adjust their account.
b. They will full pay their liability within a reasonable time frame.
c. They require a reasonable period of time to sell an asset or secure a loan.
d. They are in current filing compliance and submit a Offer in Compromise
e. They have no ability to make payments and have no dis-trainable assets.