IRS Seizure Details To Keep In Mind
The simplest way to prevent North Aurora IRS seizures is by avoiding a massive 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 North Aurora tax issues early on in the process. An IRS seizure is the taking of physical assets and usually happens when IRS requests are continuously ignored. You will receive a tax bill before the seizure process takes place.
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.
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.”