Wheaton IRS Seizures
Overdue tax debts are subject to penalties and interest. 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 Wheaton IRS seizures.
An IRS seizure is the taking of physical assets and usually happens when IRS requests are continuously ignored. First, the IRS will contact you via mail with an outstanding tax bill. You will receive this bill before the seizure process takes place.
A seizure is a last resort for the IRS, and it can be avoided if Jones, Savarese, Harrington & Company assists with your Wheaton 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.
IRS Seizure Details To Keep In Mind
The simplest way to prevent Wheaton IRS seizures is by avoiding a large 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 Wheaton tax issues early on in the process.
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
- 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
- Court-ordered child support payments
- Certain service-related disability payments
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