Chicagoland IRS Seizures
If you owe a significant amount of money to the IRS money, garnishing your wages may not be enough. The IRS can seize your personal property to settle your tax due. This might eventually lead to Chicagoland IRS seizures—taking tangible assets when IRS demands are repeatedly rejected.
Ignoring the IRS will not make the issue disappear. You need tax accounting professionals, or you may lose everything. With JSH, you can avoid this circumstance’s difficulty, shame, and anguish. Our tax professionals can act on your behalf to stop the procedure and address any IRS difficulties.
Property Seizure Details to Keep in Mind
Your community will be aware of your IRS seizure. When the IRS seizes your assets, they intend to sell them at auction as quickly as possible, frequently for less than half the value. They can sell items rapidly because they advertise them in local newspapers and public advertising.
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 Chicagoland Tax Services
We have extensive knowledge in this field and can advise you on how to get your finances back on track. We understand the IRS’s operations and have extensive experience negotiating wage garnishment and property seizure releases.
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