Have you received an IRS seizure notice?
Internal Revenue Service (IRS) property seizure notifications should never be taken lightly. Acting quickly after receiving a seizure notice could help protect you and your family from losing your home to the IRS. If the IRS has notified you of a property seizure due to the inability to pay an outstanding debt, there are many things you need to be aware of before taking action.
The Treasury Inspector General for Tax Administration (TIGTA) was established in 1999 to independently oversee the IRS. The TIGTA promotes high standards of integrity in IRS activity and prevents fraud and abuse within the IRS. Not surprisingly, however, the TIGTA reported that nearly 30% of all IRS property seizures were conducted wrongfully and did not comply with the legal standards of IRS tax codes. Not only should this statistic be shocking to taxpayers, but it should encourage you as a taxpayer to challenge the IRS if you have been notified of an IRS levy or an IRS lien.
Statistics such as this should not exist, but they do prove that the IRS makes mistakes frequently. You may not know every stipulation or intricacy in tax law, but by definition, it is the job of an IRS Agent to know, understand, and execute tax law efficiently and accordingly. When you and your family suffer due to the error or oversight of an IRS agent, you need professional help from a certified public accountant!
IRS seizures typically only happen in aggravated cases. This means that the IRS will actively pursue individuals who continue to ignore IRS notifications over a long period of time to pay their taxes by seizing their personal property. Unlike an IRS levy, which could involve intangible assets such as your bank account, an IRS seizure can include the taking of your personal assets, such as your home or car.
The IRS will continue to pursue seizure of your assets until your debt is paid off. Do not think that you can hide your assets from the IRS. With increasingly advanced computer technology, the IRS can track down and recover essentially any or all information that they need to take your belongings in order to satisfy a debt.
Many individuals and homeowners have experienced the unfortunate process of losing their homes to IRS seizures. Their homes and belongings are sold in IRS auctions, often for as little as half of the original value. There are many ways to prevent an IRS seizure from occurring.
If you have received a notification from the IRS, do not feel as though your financial situation is hopeless. There may be other avenues that you haven't thought of yet! Remember, the IRS is after your property to satisfy a debt. You could avoid an IRS seizure through alternative collection methods, such as an IRS payment plan, currently not collectible, an offer in compromise, or even innocent spouse relief. When you are ready to discuss your financial matters, call my office to schedule your consultation. I'd be glad to help you get back in control of your finances and help provide the peace of mind you need.