Oswego IRS Seizures

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.

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 seized 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

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

Ready to talk?

Give us a call or email us to set up your business consultation today!

Let’s Talk