Representation for IRS Asset Seizure

IRS Asset Seizure

If the IRS is knocking on your door, it’s time to take action. The government can and will seize your assets if they believe that you owe taxes. This process can be incredibly stressful and confusing, but with the help of a qualified attorney, you can protect your property and rights. In this service page, we will discuss IRS asset seizure defense in detail and provide you with information on how to protect yourself from this frightening process.

If you do not file and pay your taxes on time, the IRS may take extreme measures to recoup what it is owed. Asset seizure is one of the most severe types of liability collection. In certain cases, the IRS has the authority to seize and sell various aspects of your property, such as:

• Your home
• Car
• Valuables
• Collectibles

Damiens Law Firm, PLLC can assist you in creating an effective action strategy for dealing with your IRS issues. The sooner you contact our Mississippi asset seizure lawyer, the sooner you’ll be able to relax and know that the IRS will not take your stuff.

The IRS seizure process

If you fall behind on your tax payments or receive Notice CP523 about defaulting on an installment agreement, the IRS may seize your assets. The IRS must go through a three-step procedure to verify that the taxpayer is properly notified before seizing his or her property.

The steps in the IRS seizure process include:

• The IRS sends the taxpayer a letter demanding payment.
• The taxpayer does not pay the IRS.
• The IRS issues a final notice of intent to levy and a notice of your right to a hearing to the taxpayer.

After the last notice is given, the taxpayer has 30 days to make payment arrangements or appeal. If the individual does not act, the IRS is authorized to seize his or her belongings after 30 days.

The IRS does not have to give you a hearing 30 days prior to asset seizure if it thinks tax collection is in risk. When this happens, the IRS must notify the taxpayer of his or her right to appeal after the levy has been issued.

Collection due process hearing

After you receive the IRS’s notice of intent to levy, you can appeal by requesting a collection due process hearing. You and your tax lawyer may make a case to show why the IRS should not seize your assets during this hearing.

Damiens Law Firm, PLLC can assist you in determining justifications for an appeal in your specific situation. It’s possible that you’ve already paid off the debt. Maybe there’s evidence that the IRS made a mistake when calculating your taxes.

FAQs

What is a tax asset seizure?

A tax asset seizure occurs when the IRS seizes your assets in order to pay off your tax liability. This can include your bank account, your home, your car, or any other valuable property that you own. The IRS will typically only resort to asset seizure if you have failed to pay your taxes after multiple attempts to collect the liability. If you are facing a tax asset seizure, it is important to seek professional help as soon as possible. An experienced tax attorney can help you negotiate with the IRS and develop a plan to pay off your liability without losing your most valuable possessions.

How do I stop an IRS seizure?

IRS seizures can be costly and disruptive, but there are a few ways to stop them. First, you can try to negotiate with the IRS to have the seizure halted. This can be done by proving that the seizure is causing financial hardship or by agreeing to a payment plan. If negotiation fails, you can also file a petition with the Tax Court. This is a formal legal process that will require representation by a tax attorney, but it may be the only way to get the IRS to release the levy.

Finally, you can try to have the seizure stopped through an injunction. This is a court order that prohibits the IRS from taking action, but it is very difficult to obtain. If you are facing an IRS seizure, you should speak to a tax attorney as soon as possible to discuss your options.

How often does the IRS seize property?

IRS seizure of property is not as common as IRS liens or levies. IRS seizures (also called “distraint”) happen when the IRS seizes and sells your property to satisfy your tax liability. IRS agents will physically come to your house or place of business to seize your assets, which can include cash, cars, real estate, and personal property.

IRS seizures are much less common than IRS levies, but they can still be a major headache if you’re not prepared. The best way to avoid an IRS seizure is to stay current on your taxes and pay off any outstanding tax liabilities as soon as possible. If you do find yourself facing IRS seizure, it’s important to seek professional help to negotiate a payment plan or settlement that can help you keep your property.

How do I stop an IRS seizure?

Find out about tax professionals. If the tax authority imposes a levy on your bank account, your money is automatically frozen. The bank sends it to the Internal Revenue Service. To remove the levy, the levy must be taken into effect quickly.

What is a tax seizure?

The IRS can take possession of property if a taxpayer has not already owed taxes. The prevailing levy for seizures is levy. That’s when a taxpayer pays you taxes or gets a portion of that from the bank.

What happens when the IRS seizes your house?

The IRS may sell or use your property interests to the extent the proceeds from the sale are redeemed for your taxes.