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. Many a newspaper or television show has reported citizens being forced out of their homes because it was sold at an IRS auction, often for as little as half its value. They can seize everything you own, including your home, cars, boats, jewelry, motorcycles, insurance policies and even your retirement funds.
When the IRS sells your assets they are often focused on making a quick sale at the expense of getting top dollar for you. Too often, they - meaning you - receive only pennies on the dollar.
At Fosselman & Associates, CPAs, we've been serving the accounting needs of Palmer, AK and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please fill out this form and let us know how we can best serve you.
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