What Happens When the IRS Seizes Assets?
When taxpayers fall behind on their obligations, the IRS has powerful tools to collect unpaid taxes. One of the most serious of these is asset seizure—the legal process of taking your property to satisfy a tax debt.
Why Does the IRS Seize Assets?
The IRS typically resorts to asset seizure only after multiple attempts to collect taxes have failed. Before seizing property, the IRS will:
- Assess your tax liability and send you a bill.
- Send follow-up notices demanding payment.
- Issue a Final Notice of Intent to Levy and give you 30 days to respond.
If no resolution is reached, the IRS can move forward with seizing assets.
What Can the IRS Seize?
The IRS has broad authority when it comes to seizing assets. Property that can be taken includes:
Bank accounts – Funds can be frozen and withdrawn to satisfy the debt.
Real estate – Homes, rental properties, or land may be seized and sold.
Vehicles – Cars, boats, or recreational vehicles can be taken and auctioned.
Wages – A wage garnishment allows the IRS to take a portion of each paycheck.
Business assets – Inventory, equipment, and receivables are also at risk.
While certain items like basic household goods may be exempt, the reach of an IRS seizure is significant.
How to Stop an IRS Seizure
The good news is that seizures are not the IRS’s first step, and they can often be prevented or reversed. Options include:
- Payment Plans – Setting up an installment agreement to repay your debt over time.
- Offer in Compromise – Settling your tax debt for less than you owe if you qualify.
- Appeals – Challenging the IRS’s actions before or after a seizure.
- Penalty Abatement – Reducing penalties that may have inflated your balance.
Acting quickly is key—once assets are seized, it becomes much harder to get them back.
Work with a Tax Resolution Specialist
Facing an IRS seizure can feel overwhelming, but you don’t have to go through it alone. At Charles Young, CPA in Rochester, NY, I’ve helped countless individuals and businesses protect their assets and resolve tax debts. With over 24 years of experience and specialized training as a Certified Tax Resolution Specialist, I know how to negotiate effectively with the IRS and find a solution that fits your situation.
If you’ve received notices from the IRS or are worried about losing property, don’t wait until it’s too late—contact me today for a consultation. Together, we can stop the IRS in its tracks and get you back on solid financial ground.
“After receiving countless notifications from the IRS about past due tax payments for years. I knew I needed professional help and this wasn’t going to be resolved without it. Charlie was incredibly patient and understanding, he helped me gather all of the necessary information and records I needed to file an Offer In Compromise with the IRS … I would have never been able to achieve such a favorable settlement. I am more than satisfied with his services and happily continue to rely on his expertise.”
Sam S | New York
If you’re facing a tax issue due to your spouse’s mistakes, don’t panic. At Charles Young, CPA, we specialize in IRS representation and tax resolution, helping people in Rochester and beyond find relief from unfair tax burdens. Contact us at (585) 329-2249 or visit cjyoungcpa.com to schedule a consultation.
Let’s work together to find the best solution for your tax situation!
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We understand that dealing with the IRS can be sensitive. Our team provides confidential, respectful, and non-judgmental service, focusing on your financial well-being and peace of mind.
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