The IRS Can Seize Your Home, Care, Valuables & More
When people owe unpaid taxes to the IRS, the government can go to great lengths to collect on their debts. Although extreme, asset seizure is common enough to be a concern if you owe a lot in back taxes to the IRS. If you do, the government may have the right to claim assets that are important to you and sell them to satisfy your tax debt.
In the past, the IRS has been able to seize and sell assets such as the following:
- Real estate
- Valuable items
If you are facing asset seizure from the IRS, you need experienced legal representation on your side. Our asset seizure attorney in Memphis at Damiens Law Firm, PLLC has the knowledge and skill to help you protect your property. We won’t let the IRS take an unfair advantage of you. Our Memphis tax attorney can help you avoid an asset seizure by intervening with more favorable solutions to your problems with tax debt.
How the IRS can take your property
If you are notified that the IRS intends to seize any of your assets, it is because the federal government believes you owe tax debt. If this is not the case, you need an attorney’s assistance to help you clear up this issue with the IRS.
If you do owe a debt, however, the IRS is required to undergo a three-step process before it can officially claim your property.
That process is as follows:
- The IRS sends you a notice of demand for payment.
- You ignore this notice or fail to make payment arrangements with the IRS.
- The IRS sends a final notice of its intent to levy and a notice of your right to a hearing.
If you have received a final notice, you have 30 days left to make payment arrangements with the IRS or appeal. If you don’t do either, you can expect the IRS to proceed with the asset seizure once the 30-day period has lapsed.
A possible exception to this process is if the IRS believes that its ability to collect tax debt is in jeopardy. Should this be the case, you may not be offered a hearing before beginning the levy. The seizure will commence, and it can only be challenged after it has already occurred.
Collection is subject to due process
Protecting your right to your property is key to what our asset seizure attorney in Memphis can do for you. If the federal government claims you owe back taxes and is trying to seize assets to collect on that debt, you can trust Damiens Law Firm, PLLC to have your back.
We can help you verify any tax debt the IRS says you owe and ensure the amount it claims you owe is correct. We can also help you explore tax relief options such as an installment agreement or offer in compromise that can help you avoid an asset seizure from the IRS.