Fox Valley IRS Seizures

The IRS can confiscate your property if you refuse or fail to pay your overdue federal income taxes. You must respond fast if you have already been notified of a seizure. Jones, Savarese, Harrington & Company is available to assist. We are the leading accounting firm handling Fox Valley IRS seizures.

Our tax professionals can act on your behalf to stop the procedure in its tracks by preventing or delaying a levy. We’ll help find a solution and address your difficulties with the IRS, whether that means a settlement or payment plan.

Property Seizure Details to Keep in Mind

When it comes to dealing with the IRS, prevention is everything. It’s preferable not to let any IRS concerns come this far. A payment plan can help ease the tension. The IRS is less likely to act against you if you pay your balance, even in scheduled installments.

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 Fox Valley Tax Services

Even though the IRS might be frightening, you still have alternatives and hope. This is where we step in. Our experts can help you submit back taxes, halt wage garnishment, remove liens, and deal with any IRS difficulties.

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