Glen Ellyn IRS Seizures
First, the IRS will approach you by letter with an unpaid tax bill. They will then notify you of their authorization to liquidate your assets to satisfy the tax owed. This marks the beginning of Glen Ellyn IRS seizures.
The IRS can confiscate your property if you refuse or fail to pay your overdue federal income taxes. You need tax accountants on your side. Otherwise, you may lose everything. Jones, Savarese, Harrington & Company tax advisers can act on your side to prevent the seizure process.
Property Seizure Details to Keep in Mind
The IRS will commence the collection procedure if you cannot pay voluntarily. You may want to wait until you can pay in full, but avoiding the IRS just worsens matters. Tax bills that are past due are subject to fines and interest. This means that the longer you wait to pay, the more your balance will grow.
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 Glen Ellyn Tax Services
Jones, Savarese, Harrington & Company’s tax professionals are here to assist you in resolving your tax issues. Our knowledgeable tax professionals will create a customized strategy for you. Together, we’ll put an end to this stressful period.
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