IRS Seizure – How You Can Resolve Tax Problems and Protect Your Property
IRS Property Seizure
One of the most common forms of tax levy is an IRS property seizure. The IRS tends to use property seizure as a last resort effort to get any tax money that is owed to them. When the IRS decides to seize property assets, it will physically confiscate those assets, including boats, trucks, homes, and cars. They will find whatever assets you own that have a high monetary value and use it to gain value from it. A majority of times the IRS will hold an action for the property in an effort to recoup owed taxes.
Options You Can Use when Handling Seized Property by the IRS
Get rid of the tax levy
Until your tax debts are settled with the IRS, they will continue to seize any of your property assets until they are able to cover the amount in taxes that you currently owe. You must understand, the IRS does not want to seize your assets, they do it because it is the only remaining option they have. If you are suffering from a current financial situation, or even if you do not make enough money to pay the amount in full at once, discuss this with the IRS. They have many settlement methods for individuals who have a tax debt. The IRS will stop seizure of property once an agreement is reached on a settlement option.
You need to protect your assets so the IRS does not take them
If you are looking to delay an IRS seizure of property assets until you are capable of coming up with the amount needed to pay back taxes, speak with an IRS agent about setting up a settlement method. Some individuals choose to conceal their assets until the expiration date on the statute of limitations is met. Some individuals transfer ownership because the IRS cannot seize assets that do not belong to you anymore. The line between legal and illegal asset protection is very minute, so speak with a tax specialist to explore legal options.
Hire a tax professional to work with
A tax professional is trained in IRS laws and actions, and they know legal routes to protect your property assets. They are also able to assist with filing paperwork to get the levy released. They are also beneficial to have when creating a payment plan that can be used to pay off any remaining back taxes to the IRS.