Hanover Park IRS Seizures

When you receive a notice from the IRS about a seizure, getting help from a tax accountant is crucial. We can provide valuable guidance and representation throughout any Hanover Park IRS seizures. At JSH, our team of tax professionals offers comprehensive tax preparation and planning tailored to each client’s needs.

We thoroughly review financial records, identify potential tax liabilities, and strategize to maximize deductions and credits within the legal framework. Our accountants negotiate with the IRS on your behalf, exploring options such as payment plans or settlement offers to resolve tax debts and avoid further seizure of your assets.

Property Seizure Details to Keep in Mind

The IRS follows a strict protocol before considering property seizure for unpaid taxes. They begin with a delinquency letter to inform taxpayers of their outstanding obligations. If you have received a letter, it’s a chance to set things right. We recommend immediately addressing your tax obligations to avoid potential property seizure.

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 Tax Services

We prepare clients for potential IRS audits, offering peace of mind and expert guidance. By utilizing our suite of services, including IRS negotiation, settlement, and payment plans, clients can stay ahead of potential IRS issues and maintain compliance with tax regulations, safeguarding their financial stability.

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