The IRS often sends notices to delinquent taxpayers threatening to seize their assets, however this is actually somewhat uncommon. Now the term asset is up for deliberation. They will absolutely levy your bank account or garnish your wages without the blink of an eye. Those “assets” are the low hanging fruit.
The assets they often do not seize are houses, cars, boats, equipment, etc. The reason why they rarely seize assets of those kind is such that it can often be difficult for the IRS Agents to move through that process. In most cases it can be expensive and takes too long. They need to identify, seize, store and then auction the asset. The IRS auctions often find less than a fair market value which put you and the IRS at a disadvantage.
The IRS would much rather threaten seizure and have you sell the asset on your terms, but as quickly as possible. Depending on the asset, the IRS will step in at closing and take the proceeds of the sale. If the IRS is notifying you that they intend on seizing your assets give us a call to see whether there is an alternative strategy worth exploring.
