Arlington Heights IRS Seizures
Owing the IRS money can have considerable consequences, including Arlington Heights IRS seizures. Trying to avoid the IRS will not resolve the issue. It will just aggravate the situation. Once the IRS has issued a final demand notice, they have 30 days from the date of the letter to confiscate your assets.
Jones, Savarese, Harrington & Company can help protect your assets and settle your obligations. We are a seasoned accounting firm that understands the complexity of federal taxes. We will work with you to find a solution, no matter how complicated your tax difficulties are.
Property Seizure Details to Keep in Mind
If you have not received letters from the IRS, there is no need to be concerned about Arlington Heights IRS seizures. They will not seize your assets without warning. The IRS will notify you of your debt delinquency well in advance in hopes that you can avoid this process.
As a general rule, any asset that has equity is up for grabs. If a possession can be sold, the IRS may consider it while seizing your assets. The IRS is prohibited from seizing certain assets and earnings. For example, the IRS cannot take property if it has no value at auction. As a result, assets that do not have equity are excluded from seizure.
Types of property the IRS will seize:
- Your home
- Rental properties
- Some household goods and furniture
- Cash and bank account funds
- Retirement funds
- Your business
There are a few things the IRS will not seize:
- Unemployment benefits
- Welfare payments
- Workers Compensation
- Tools necessary for trade, business or profession up to a specific value
- Court-ordered child support payments
- Certain service-related disability payments
Additional Arlington Heights Tax Services
Jones, Savarese, Harrington & Company can help you with all your tax issues, no matter how complicated. If you have an ongoing or complex tax problem, our skilled staff can help you find a solution.
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