Winfield IRS Seizures
Almost anything with monetary value can be sold in Winfield IRS seizures. The IRS can confiscate your property if you refuse or neglect to pay your overdue federal income taxes. That means you might lose your house and everything in it.
The IRS is unconcerned about your financial difficulties or incapacity to pay. In their opinion, there is still a sum of money owed to their organization. Jones, Savarese, Harrington & Company provides empathetic support. Our tax professionals can act on your behalf to stop the seizure proceedings and start addressing any IRS difficulties.
Property Seizure Details to Keep in Mind
The IRS will send you a notice of sale and will publicize pending sale items. In other words, the community will know about your seized items through newspapers and fliers in public places. When the IRS takes your assets, they seek to auction them off as soon as possible, sometimes for less than half their original worth.
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
- 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
Additional Winfield Tax Services
The simplest way to Winfield IRS seizures is by avoiding a massive tax bill. We can help you resolve your tax debt and avoid any tax-related complications by taking an aggressive approach. Our accountants will represent your interests to the federal government.
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