Lombard IRS Seizures
When you refuse or neglect to pay your outstanding federal income taxes, the IRS has the right to seize your Lombard property. If you have already received a seizure notice, 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. We are the premier firm for handling Lombard IRS seizures.
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. Whether you are unable to pay or refuse to pay, the IRS can seize personal property and real estate. They can also take wages, money in your bank account, and even your retirement funds.
Unfortunately, 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
- 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
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