Lisle IRS Seizures

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 Lisle IRS seizures.

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.  Jones, Savarese, Harrington & Company 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.

IRS Seizure Details To Keep In Mind

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 that 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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