IRS Seizures – What They Can’t Take The IRS can seize many different types of property, including bank accounts, wages, and retirement accounts. However, some items are specifically exempt from IRS seizure under federal law.
Tag: tax seizure
If you refuse, ignore or fail to pay your federal income taxes, the Internal Revenue Service has the legal right to seize your property. Property levies are the most severe action taken by the IRS. In case you are behind on the tax debt, you should understand how tax seizures work and how you can… Read more »
How to Keep the IRS From Taking Your Assets In most cases, correspondence from the IRS is enough to give taxpayers that sick feeling in the pits of their stomachs. The sensation gets worse if the notice contains a dreadful four-letter word, like l-e-v-y. Most people are not exactly sure what an IRS levy letter… Read more »
A previous post examined the basic policies of tax seizures, and we learned that a lot of things must happen before the IRS takes action. However, once the IRS asset seizure process wheels start moving, they might very well grind you up.