Campton Hills IRS Seizures
The simplest way to prevent Campton Hills 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, either in full or in installments, the IRS will take action.
Unfortunately, the IRS does not care if you are unable to pay or if you refuse to pay. In their eyes, it’s still a matter of money that is owed to their organization. The IRS can liquidate your personal property to cover your tax bill. They can also take wages, cash in your bank account, and even your retirement funds. The skilled team at Jones, Savarese, Harrington & Company can help you through this difficult time.
When the collection process begins, you will receive a written notice from the IRS informing you of their seizure process. If you have already received a seizure notice, you must act quickly. Jones, Savarese, Harrington & Company tax advisors can work on your behalf to prevent the process from continuing and begin resolving your IRS issues.
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
- 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
Stay In Touch