IRS seizure notice just came in the mail now what?
If the IRS has notified you of a property seizure due to the inability to pay an outstanding debt, there are many things you need to be aware of before taking action.
The Treasury Inspector General for Tax Administration (TIGTA) was established in 1999 to independently oversee the IRS. The TIGTA promotes high standards of integrity in IRS activity and prevents fraud and abuse within the IRS. You may not know every stipulation or intricacy in tax law, but by definition, it is the job of an IRS Agent to know, understand, and execute tax law efficiently and accordingly. When you and your family suffer due to the error or oversight of an IRS agent, you need professional help from a tax professional you can trust.
Unlike the levy which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance policies, and even your retirement funds.
If you’ve received an IRS seizure notice, it’s time to act now! Please complete the form on our contact page to get a Free Consultation with our tax specialist.
IRS Penalties leave you broke
If you file an incorrect tax return, the IRS will not assess a penalty if it owes you a refund. You can even claim your refund late by filing an amended tax return within three years. If you owe the IRS money and you fail to pay because of inaccuracies on your tax return, however, the IRS may assess penalties and interest.