How to Stop the IRS from Seizing Assets Because of Back Taxes

The IRS does not want to seize your assets. Consider the amount of man power and resources they have to expend to make a profit. They have to assess the debt amount, assign your revenue and field officers, physically seize the assets, and then auction them off.

This takes more money and time than your simple cooperation would. Keep this in mind, and work to get compliant with the IRS.

Payment Plan

The IRS really wants your money, not your assets. If you’re paying the IRS consistently, they will have no reason to seize your assets. You can pay in monthly installments with an Installment Agreement. Installment Agreements are binding contracts, the IRS will set the amount you must pay each month and defaulting on the payments will result in severe consequences.

Offer in Compromise

Settling your Tax Debt saves money by stopping penalties and interest from accruing. But the IRS Offer in Compromise does not come without its fair share of pitfalls:

First, you must qualify and display financial need to Settle the Tax Debt.

Second, you must fill out the forms necessary and submit them with the Application Fee and/or a percentage of the Offer.

If you are certain that you can’t pay in full, submitting an Offer in Compromise may be the smart choice to keep the IRS from Seizing your Assets.

Common Seizures

Car: If your car is paid off and worth a tidy sum, the IRS is likely to seize it if necessary.

Business: The IRS targets Small Businesses that are just starting out. They know these virgin business owners are likely to make mistakes when filling out their convoluted Tax Forms. In addition to levying accounts receivable, the IRS can seize the Business. This means they will liquefy the assets and shut you down!

Houses: If you own Rental properties or vacation homes, consider these fair game for IRS seizures. Fortunately for most, Congress has made it more difficult for the IRS to seize personal residences. But this will all depend on how much the home is worth.

Property: This IRS can seize and sell your property with minimal effort.

Family Heirlooms: If your Family Heirlooms are insured and valuable the IRS can auction them off for a profit.

Behave

If you treat your Revenue Officer with respect and dignity they will see you more like a human being, and less like a Case Number. Even if your Revenue Officer seems short with you (and they likely will be) you must not retaliate and refuse to cooperate. If you refuse to cooperate, the IRS will have no choice but to seize assets to satisfy the Tax Debt.

Acting Fast

Timing is imperative if the IRS is threatening to Seize or Levy your Assets. If you don’t have time to act on your own and do your own research, considering working with a Tax Resolution Professional or a Tax Attorney.

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