Schaumburg IRS Seizures

An IRS seizure is the taking of physical assets that usually happens when IRS requests are continuously ignored. Whether you cannot pay or refuse to pay, the IRS can seize wages, money in your bank account, and even your retirement funds.

When the collection process begins, you will receive a written notice from the IRS informing you of their authorization to liquidate your assets. The earnings from the liquidation process are used to cover the tax due.

“If the IRS seizes your house or other property, the IRS will sell your interest in the property and apply the proceeds (after the costs of the sale) to your tax debt.” IRS seizure may be your worst nightmare, but it can be avoided if we get involved soon enough.

IRS Seizure Details to Keep in Mind

The easiest way to avoid Schaumburg IRS seizures is to avoid hefty tax bills. It’s best not to allow any IRS issues to get to this point. Still, we understand that everyone experiences unique circumstances that can affect their ability to pay. If you have already received a seizure notification letter, you will need tax experts on your side; otherwise, you could lose everything. Jones, Savarese, Harrington & Company is here to help you through this difficult time.

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

Ready to talk?

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

Let’s Talk