December 15, 2011

Seizure of Your Assets

Issues with the Internal Revenue Service (IRS) makes the possibility of asset seizure inevitable. If the IRS wants payment and you can't give it to them, they won't hesitate to seize your assets. Owing them a lot of unpaid taxes means you won't have a lot left after they seize your assets.

There are three factors that the IRS uses to figure out what properties to seize:

The property amount required to settle the tax owed vs. the tax liability
If it isn't hard to take and get rid of the properties
The value of the assets to the taxpayer

Hoping that you will take the step to dispose of your assets to pay your unpaid taxes, the IRS will threaten you with asset seizure. These are the assets the IRS usually wants:

Savings and checking accounts in banks
Vehicles, including automobiles, boats, jets and luxury vehicles
Cash value life insurance
Receivables
Stocks and bonds
Wages
Collectibles
Owned buildings, resort homes, and luxury real estate
IRAs, Pensions, and Keoghs
Your house

Anything left? These are the properties that the IRS can't take:

Clothing, except fur coats and luxury items

$6,250 worth of fuel, furniture, personal effections, and provisions

$3125 worth of books and tools or trade

School books

Unemployment benefits

Worker's compensation

Public assistance money

Job training benefits

Mail that was undelivered

Child support mandated by the court

Deposits made to the Special Treasury fund by members of the armed forces and Public Health Service employees assigned to permanent duty overseas

Disability payments

Minimum exemption amount from other income, salary, and wages

Public assistance payments from welfare or SSIThe best option for you is to avoid asset seizure, but if you have already gotten your notice from the IRS, what is the next step? Our firm can guide you through the release process. You will have to pay your taxes in full, negotiate an installment deal with the IRS, possibly prove a hardship, or prove that the amount that was seized was actually more than your liability.

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Originally posted 2008-01-02 04:24:31. Republished by Blog Post Promoter

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