Facing an IRS asset seizure is a situation no one wants to be in. It can feel overwhelming and even frightening when the government steps in to claim your property. If you’re in this position, it’s essential to understand your rights and the steps you can take to protect yourself.
What Is an IRS Asset Seizure?
When taxpayers owe the IRS and don’t take action to resolve their debt, the IRS has the authority to seize assets to recover the money. This could include wages, bank accounts, real estate, vehicles, or other valuable property. The process doesn’t happen overnight, but the IRS will take action if warnings are ignored.
Before a seizure occurs, the IRS typically sends a series of notices, including a Final Notice of Intent to Levy and a Notice of Your Right to a Hearing. These notices give you a chance to respond, dispute the debt, or work out a payment plan. Ignoring them can lead to serious consequences, including the loss of assets you’ve worked hard to earn.
What Should You Do If You’re Facing Asset Seizure?
If you’ve received notice of a pending seizure or the IRS has already started taking action, don’t panic—but do act quickly. Here’s what you should do:
- Understand Your Tax Debt
Review any notices you’ve received to understand how much you owe and why. If there’s a mistake, you may be able to dispute the debt. Even if the debt is accurate, understanding it is the first step toward resolution. - Request a Collection Due Process (CDP) Hearing
After receiving the Final Notice of Intent to Levy, you have 30 days to request a CDP hearing. This hearing gives you an opportunity to discuss your case, appeal the levy, or propose an alternative resolution like a payment plan. - Explore Resolution Options
The IRS offers several programs to help taxpayers manage their debt without losing their assets:- Installment Agreements: These allow you to pay off your debt over time in smaller, manageable payments.
- Offer in Compromise (OIC): This program lets you settle your tax debt for less than the full amount owed if you can prove paying in full would cause financial hardship.
- Currently Not Collectible (CNC) Status: If you’re unable to pay anything due to financial difficulties, the IRS may temporarily pause collection efforts.
- Get Professional Help
Navigating the IRS’s rules and programs can be confusing, especially when you’re under pressure. An experienced tax resolution attorney can help you evaluate your options, represent you during hearings, and negotiate with the IRS on your behalf.
Why Acting Quickly Matters
Time is critical when dealing with the IRS. Once a seizure occurs, getting your property back becomes much harder. By taking action as soon as possible, you can increase your chances of stopping the seizure and working out a resolution.
Take Control of Your Financial Future
Remember, if you have an IRS problem, you have a legal problem, and if you’re facing the possibility of an IRS asset seizure, you don’t have to go through it alone. At McCauley Law Offices, we specialize in helping individuals and businesses resolve their tax issues and protect their assets.
Call us today for a free consultation and take the first step toward peace of mind.
