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Fighting Asset Seizure With The Help of Encino Tax Lawyers

Monday, October 3, 2011

Fighting Asset Seizure With The Help of Encino Tax Lawyers

Having your assets seized is not a penalty that you want to encounter with the IRS. There are many different reasons why your assets may be seized and it is up to you to follow the instructions sent by the IRS to avoid any seizure. However, if that point has already passed, you will want to hire Encino tax lawyers to help you as much as they possibly can in getting your assets back. If the IRS has already sold your assets, you are out of luck, but if they have not yet sent you a notice of intent to sell, you can use your Encino tax lawyers to help you with handling your particular tax situation.

What are some reasons why the IRS will seize my assets?

As mentioned before there are a few reasons why the IRS may seize your assets, but the most common reason assets are seized is to pay off existing tax liabilities. Encino tax lawyers can help you fight any penalties that are assessed and help prevent getting your assets seized. Existing tax liabilities are often derived from unpaid taxes, unfiled taxes or unclaimed income such as that held in offshore accounts. If you meet one of these conditions, you can contact Encino tax lawyers to help you get your taxes straightened out to the point where you will not have to worry about any seizure of assets.

Each year you are required to file your taxes if you meet certain conditions. Without filing taxes, you will not know your true tax liability. Should you be audited, you will be required to file old returns in order for the auditor to assess the true liability owed. A quick phone call to Encino tax lawyers can help you with any questions that the IRS may have about your liabilities and assets.

What Personal Property is Subject to Seizure?

There are many personal assets that the IRS is allowed to seize when they are looking to collect on debts owed. Your Encino tax lawyers can educate you on the types of personal property that you stand to lose if you do not work out a payment plan or otherwise pay off your tax debts. Encino tax lawyers know that the following items are subject to being seized by the IRS:

  • Bank accounts – this includes checking accounts and savings accounts. Encino tax lawyers know that the IRS will place a full hold on your accounts and possibly seize the cash available in the accounts if your tax debt is higher than the amount contained within your accounts. Once your assets are seized from your bank account, they will be applied to your outstanding debt with almost no chance of recovering the funds.
  • Real Property – your personal home or business buildings, if you own them will be at risk and only the help of your Encino tax lawyers can ease this burden before it becomes a reality. One thing that may work in your favor is that the IRS is required to get the order of seizure for personal real property signed off on by a judge. Without convincing a judge that it is necessary to seize your personal or business buildings, you may get lucky and avoid this burden.

Call your Encino tax lawyers today to discuss your options and avoid seizure of your assets.