When a tax debt goes unpaid, this puts your personal property at risk. If you’ve received a notice from the IRS about owing tax debt but you have not yet responded to it or made arrangements to pay, be warned: the IRS could end up seizing your property.
How IRS Seizures Work
If you owe the IRS money and do not make arrangements to pay it back, the IRS will place a lien on your property. Liens give the IRS the authority to seize your property, but they will not do so until an IRS levy is issued. An IRS levy will only be issued once all other attempts to collect the taxes you owe have failed.
Dealing With IRS Seizures
Typically, taxpayers receive notice of a levy through their employers or financial institutions. Your best bet for dealing with a levy is to contact the IRS to address your back tax debt right away. By communicating and negotiating with the IRS, you may be able to figure out another way to pay what you owe instead of having your assets seized.
If you need help preventing or dealing with an IRS seizure, then it’s time to contact the pros at Taxation Solutions, Inc. We’re here to help you solve all of your IRS problems!