Aurora IRS Seizures

If you refuse or neglect to pay your outstanding federal income taxes, the IRS has the right to seize your Aurora property. If you have already received a seizure notice, you must act quickly. An IRS seizure is the taking of physical assets and usually happens when IRS requests are continuously ignored. You will receive a tax bill before the seizure process takes place.

The simplest way to prevent Aurora IRS seizures is by avoiding a massive tax bill. For some, this is easier said than done. If you are unable to pay your tax balance, whether in full or in installments, the IRS will take action.

It is a last resort for the IRS, and it can be avoided if Jones, Savarese, Harrington & Company assists with your Aurora tax issues early on in the process. Our tax advisors can work on your behalf to prevent the process from continuing and begin resolving your IRS issues.

Jones, Savarese, Harrington & Company tax advisors can work on your behalf to prevent the process from continuing and begin resolving your IRS issues. Of course, it’s best not to allow any IRS issues to get to this point, but if it does, you need tax accounting experts on your side; otherwise, you could lose everything.

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 that 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
  • Jewelry
  • 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
  • Livestock
  • Court-ordered child support payments
  • Certain service-related disability payments

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