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 lengthy period of time to pay their outstanding taxes.
Can Seized Property be Released?
It is important to contact an experienced CPA as soon as you receive notice of seized property. At Patriots Tax & Accounting we are dedicated to helping you resolve your tax liability which may result in a seizure release. According to the IRS, they are required to release a seizure if it is determined that:
- You paid the amount you owe,
- The period for collection ended prior to the seizure being issued,
- Releasing the seizure will help you pay your taxes,
- You entered into an Installment Agreement and the terms of the agreement do not allow the seizure to continue,
- The seizure creates an economic hardship, meaning the IRS has determined the seizure prevents you from meeting basic, reasonable living expenses, or
- The value of the property is more than the amount owed and releasing the seizure will not hinder our ability to collect the amount owed.
Although the IRS may release a seizure you are still responsible for paying a balance due. We will help you set up clear financial goals to pay off your debt and get back on track to financial freedom.Get A Free Consultation*