Streamwood IRS Seizures

Facing the threat of Streamwood IRS seizures requires proactive tax accounting services to navigate complex tax issues effectively. At JSH, we help individuals and businesses understand their tax obligations and rights under IRS regulations. Our experienced team conducts thorough assessments of financial situations, identifies potential risks that could trigger IRS enforcement actions, and develops strategic tax plans to mitigate these risks.

By staying ahead of tax challenges and maintaining open communication with tax authorities, we strive to shield our clients from the severe consequences of IRS seizures. Partnering with JSH means gaining a trusted advisor committed to ensuring financial stability and compliance and safeguarding against IRS enforcement threats.

Property Seizure Details to Keep in Mind

Don’t fret about the IRS seizing your property unless you receive a formal delinquency letter. This letter is a wake-up call, letting you know unpaid taxes need attention. It provides options for payment arrangements and warns of potential consequences for non-compliance, including property seizure as a last resort.

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 if it 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

Additional Tax Services

Mitigate risks of IRS issues in the future. Our commitment to empowering clients with knowledge and tailored solutions enables them to navigate complex tax landscapes confidently and achieve sustainable financial health.

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