Unlike the levy, which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
A seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don’t think they won’t. Many a newspaper or television show has reported citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.
When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds.
Don't try to fight the IRS yourself when you can hire a team of tax practitioners and CPAs to represent you.
Let one of our tax specialists help you today.Call us: (212) 760-1124
We help for preparing tax returns & answer tax questions.
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Avoid issues with the IRS & assist with back taxes.
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See the list below for our frequently asked questions. If your questions are not listed here, please Contact us.
Generally speaking, we attempt to secure a 30-day collection hold with the IRS. Meaning the IRS will not take any aggressive actions during the 30-day term. Within the 30 day term, we will need to be sure you are taking corrective action to become current and compliant, file all missing returns, and work toward developing a financial strategy to resolve the balance dues. However, we do have tools that will allow us to extend this timeline and if our efforts are going in the right direction, the IRS will usually allow us additional time.
This is a yes/no answer. If you owe the IRS more than $10,000 in 941 tax liability you can fully expect to have to provide information about your business. If the liability is more than $25,000 in 1120 income tax debt, the same thing applies. However, if you owe less than $50,000 in personal income tax debt or trust debt you may not have to provide information about your personal finances.
The IRS uses Low-Income Certification guidelines to determine whether a person qualifies for poverty level. If you meet the criteria, you do not need to send in the $186 application fee, and you can wait to send in additional monies, including your initial payment and monthly installments until you hear back from the IRS.
If the IRS does not contact you within two years about the Offer in Compromise, the agency will automatically accept it.
Yes, if your balance is below $25,000, you’ve been on a direct debit payment plan for 3 months or longer, you can apply to have your tax lien withdrawn. The experts at Highland Tax Group, Inc. can assist with this application.
Yes/No. Recently, the credit bureaus stopped harvesting data concerning IRS tax liens and reflecting the same lien on a credit report. However, if your tax lien was filed more than 1 year ago, the lien may still show up on your credit report
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