Downers Grove IRS Seizures

Downers Grove IRS seizures occur when tangible assets are confiscated due to consistently ignored IRS demands. When the collection procedure begins, you will get a formal notification from the IRS that they have authorized the sale of your assets to satisfy the tax owed. This is your final chance to keep your valuables safe from seizure.

While this may be your greatest fear, it is avoidable if we intervene quickly. Jones, Savarese, Harrington & Company can advise you on the best method to safeguard your bank accounts, earnings, house, and other property.

Property Seizure Details to Keep in Mind

At JSH, we recognize that everyone’s tax debt situation is unique. Avoiding a significant tax debt is the simplest way to prevent Downers Grove IRS seizures. This is easier said than done for some. We aim to get you on the correct path before the IRS starts collecting.

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
  • 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

Additional Downers Grove Tax Services

We will work with you to find a solution, no matter how complicated your tax difficulties are. Instead of property seizure, we will move toward a far more practical method of paying your IRS debt.

Ready to talk?

Give us a call or email us to set up your business consultation today!