Protecting Your Belongings during the IRS Seizure of Assets

Thursday, June 28, 2012

So you owe a balance to the Internal Revenue Service and now IRS officers are calling or perhaps even at your door to talk about an IRS seizure of assets. So what do you do? The first thing you must do is contact a professional who deals with IRS revenue officers and the IRS seizure of assets.

Get Asset Protection

During the IRS seizure of assets, a lot of your personal belongings are at risk. Since you owe IRS revenue officers a significant balance and have made no attempts to pay it, IRS officers are allowed to seize specific assets from your personal belongings and auction them. Any proceeds earned during the IRS seizure of assets auction will go toward the balance due.

Keep in mind, however, that even after the IRS seizure of assets is over, if you still owe IRS officers a balance they can use other collection methods to clear out the remaining balance including liens, levies and even wage garnishments.

What Can IRS Revenue Officers Take?

IRS revenue officers have a lot of items they are allowed to take and sell in order to pay off your debt for the IRS seizure of assets. Some of these items include:

  • Your car
  • Recreational vehicles
  • Retirement funds
  • Stocks and bonds
  • Wages
  • Jewelry
  • Clothing
  • Household items

In rare cases, IRS revenue officers can take your home as part of the IRS seizure of assets. In most situations, however, a person does not have enough equity in their home for IRS revenue officers to actually seize it and deal with auctioning it off. The same often applies to vehicles. If you owe more on your car than it is worth, IRS revenue officers are unlikely to take that during the IRS seizure of assets. That being said, even if most of your items are protected, IRS revenue officers can turn to using the IRS bank levy or IRS wage garnishment in order to pay off the remainder of your balance or place a lien on your home so that you cannot sell, refinance or modify your home without paying off your balance.

If you have a severe balance with IRS revenue officers and have received a warning for an IRS seizure of assets, you need to contact the professionals at Strategic Tax Lawyers today. STL attorneys can help you negotiate with IRS revenue officers and protect your belongings from the IRS seizure of assets.

The IRS has an overview and complete library on civil seizure and forfeiture.  What are the limits (or options) that the IRS has in seizing your belongings?  Find out at eTaxes.com.  Do a Google search on your local state to find out what the laws might be that apply to you.  Here’s a link to the local Beverly Hills Bar Association.