When you refuse or neglect to pay your outstanding federal income taxes, the IRS has the right to seize your Oswego property. Overdue tax debts are subject to penalties and interest too. 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 Oswego IRS seizures.
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.