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Property Seizure
The IRS has the authority to seize property from taxpayers who are delinquent in paying their tax bills. The most common “seizure” is a levy, and property levies are one of the most severe actions imposed by the IRS. For the most part, the IRS saves true property seizures (other than levies) for the worst circumstances, like taxpayers who attempt to hide assets, have payroll tax issues or try to commit tax fraud. As extraordinary as this step may be, when you fail to pay after repeated notices, this can indeed happen to you!
Property Seizure
The IRS has the authority to seize property from taxpayers who are delinquent in paying their tax bills. The most common “seizure” is a levy, and property levies are one of the most severe actions imposed by the IRS. For the most part, the IRS saves true property seizures (other than levies) for the worst circumstances, like taxpayers who attempt to hide assets, have payroll tax issues or try to commit tax fraud. As extraordinary as this step may be, when you fail to pay after repeated notices, this can indeed happen to you!
Losing Your Property to a Delinquent Tax Debt is a Very Real IRS Solution for Tax Collection. The Tax Problem Solver Team is a Real Solution to Avoid Property Loss!
TAX PROBLEM: Ignoring IRS Notices to Pay Your Tax Debt Could Mean Losing Your Property with the Stroke of a Pen!
The government has given the IRS vast powers to enforce and administer the Treasury Department’s revenue laws, particularly in the area of collection. Once you neglect, fail or refuse to pay your tax obligation, they can seize your property and sell it. Also, remember that overdue tax debts are subject to penalties and interest, and the longer the debt remains unpaid, the larger the outstanding balance will be – and this amount can quickly accrue. In many cases, unfortunately, the amount of back taxes is often greater than the number of penalties levied on top of it, since the penalties are compounded every year. Also, a tax lien prevents delinquent taxpayers from selling their property with a clear title until the IRS has been paid in full.
CONSEQUENCE: If You Don’t Take Action Immediately, the IRS Will Seize Your Property and Sell It.
If the IRS seizes your house or other property, they will sell your interest in the property and apply the proceeds (after the costs of the sale) to your tax debt. Prior to selling your property, the IRS will calculate a minimum bid price. They will then provide you with the notice of sale and announce the pending sale to the public, usually through local newspapers or flyers posted in public places. After giving public notice, the IRS will generally wait at least 10 days before selling your property. Money from the sale pays for the cost of seizing and selling the property and, finally, your tax debt. If there’s money left over from the sale after paying off your tax debt, the IRS will tell you how to get a refund.
SOLUTION: To Work With The IRS to Keep Your Property, You Need the Specialists at Tax Problem Solver To Do What They Do Best!
Solutions to avoiding property seizure can depend on where you are in the collection process. The most obvious solution is to work with the Tax Problem Solver team to create a reasonable repayment plan or a settlement. If you receive a notice of intent to levy, you can appeal by requesting a Collection Due Process (CDP) hearing where you can present your case. This is not something you want to try to handle yourself. With that in mind, long before this becomes necessary, you need to contact IRS tax attorney Larry Heinkel and his Tax Problem Solver team to handle your case and use their vast 35+ years of experience and knowledge of the way the IRS thinks to negotiate with them on your behalf.
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LARRY HEINKEL, J.D. LL.M.
TAX & BANKRUPTCY ATTORNEY
APRIL SERRANO, E.A., CTRS
President & Partner
Peter R. Lazzari, CPA
Senior Tax Director
Deann L. Wojcicki, CPA
ASSOCIATE DIRECTOR,
CLIENT ACCOUNTING SERVICES
JOE MCDERMOTT, E.A.
FORMER IRS APPEALS OFFICER