Elgin IRS Seizures
If you have already received a seizure notice, you must act quickly. Jones, Savarese, Harrington & Company’s 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. When the collection process begins, you will receive a written notice from the IRS informing you of their authorization to liquidate your assets to cover the tax due.
“If the IRS seizes your house or other property, the IRS will sell your interest in the property and apply the proceeds (after the costs of the sale) to your tax debt.” This may be your worst nightmare, but it can be avoided if we get involved soon enough.
Preventing IRS Seizures
The simplest way to prevent Elgin IRS seizures is by avoiding a hefty 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 Elgin tax issues early on in the process.
First, the IRS will contact you via mail with an outstanding tax bill. Overdue tax debts are subject to penalties and interest. This means the longer you wait to pay, the larger your balance becomes. If you cannot make arrangements to pay voluntarily, the IRS will begin the collection process. This may ultimately lead to Elgin IRS seizures.
IRS Seizure Details To Keep In Mind
When you refuse or neglect to pay your outstanding federal income taxes, the IRS has the right to seize your Elgin property. 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. Whether you are unable to pay or refuse to pay, the IRS can seize personal property and real estate. They can also take wages, money in your bank account, and even your retirement funds.
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. After they have taken the property, “the IRS will then provide you with the notice of sale and announce the pending sale to the public, usually through local newspapers or flyers posted in public places.”
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
Stay In Touch