What is Asset Seizure?

If the IRS is not able to recover unpaid taxes with a Tax Lien then the next step is to levy the taxpayer's assets. Asset seizure is also known as a Tax Levy, whereby the IRS actually seizes (takes ownership of) a taxpayer's assets.

This is the final method of enforcement of taxation when all other attempts to collect taxes have failed. Notices of a Tax Levy are usually issued to employers and financial instituions of the deliquent taxpayer.

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Why does Asset Seizure occur?

Asset seizure will occur if the IRS has attempted all other forms of collection for tax debt. The best way to prevent the seizure of your assets is to file your tax returns and pay your tax obligation on time, in full.

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What Happens once the IRS issues a tax levy?

The IRS is required to provide taxpayers with notification that a tax levy has been issued, along with an explanation of taxpayer rights. Taxpayers have the right to appeal within 30 days of a tax levy notice.

The IRS has the legal authority to seize the vast majority of a taxpayer's assets, but there are some assets that are exempt. For example, child support, basic clothing, and other basic necessities are off limits.

A tax levy should be resolved immediately to avoid unnecessary seizure of assets.

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What if I'm not Sure What to do?

USTR recommends that businesses and individuals facing Asset Seizure from a Tax Levy consult a qualified tax professional as soon as possible. How you handle asset seizure from the IRS can have an enormous impact on your personal property, finances, job, car, family, and more.

Many tax professionals provide a free consultation, which can inform you of the rights and options you have as a taxpayer facing asset seizure. In many cases, you can save thousands of dollars or more by conlcuding a tax levy favorably.

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How do I Know if I Should Contact a Tax Professional?

USTR believes that contacting a tax resolution professional is common sense. When you have a medical problem, you contact a doctor. When you have a car problem, you contact a mechanic. When you have a tax problem, you should contact a tax professional. Many tax professionals provide a FREE consultation and USTR can connect you with some of the best tax professionals in the country.

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