The IRS often sends notices to delinquent taxpayers threatening to seize their assets, however this is actually somewhat uncommon. Â Now the term asset is up for deliberation. Â They will absolutely levy your bank account or garnish your wages without the blink of an eye. Â Those “assets” are the low hanging fruit.
The assets they often do not seize are houses, cars, boats, equipment, etc. Â 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. Â In most cases it can be expensive and takes too long. Â They need to identify, seize, store and then auction the asset. Â 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. Â Depending on the asset, the IRS will step in at closing and take the proceeds of the sale. Â 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.
