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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.
Preventing a 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… Read more »
How Can a Jeopardy Levy Place You In Jeopardy? As we have discussed in some previous posts, IRS levies are usually attention-getting tools as opposed to collection tools. The Service almost always cancels bank and other levies if the taxpayer enters into a repayment or other plan. But if the IRS suspects that it will… 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 »
The IRS Asset Seizure Process 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.
REasons why the IRS might seize your assets In some ways, mortgage bankers and tax collectors are a lot alike. Many bankers like to say that they do not foreclose on loans because they want the houses; they just want the payments. Notwithstanding allegations that bankers targeted certain groups during the mortgage crisis, that’s probably… Read more »
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