Geneva IRS Seizures
If you have already received a notice of Geneva IRS seizures, 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 in order 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 Geneva IRS seizures is by avoiding a large 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 Geneva 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 Geneva IRS seizures.
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
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