HOLLYWOOD SEIZURE AND TAX RELIEF
What to Know About IRS Seizures in Hollywood
What is an asset seizure? Along with tax liens and wage garnishments, the IRS can use their authority to seize your assets as a means of collecting back taxes. Although asset seizures aren’t as common as bank levies and other collection tools, when an IRS seizure does occur, the effects can be financially and personally devastating .
Can the IRS seize my house, car, and other valuables?
When the IRS chooses to take seizure action against you, it can pursue any and all assets that contain sufficient equity. This includes real property, such as your personal residence or vacation home, as well as personal property such as your vehicle(s), jewelry, and furniture. Intangible property, such as property rights or goodwill, can also be seized and sold.
What else do I need to know about IRS property seizures?
Since seizure action is usually considered a “last resort” by the IRS, taxpayers are often provided with ample opportunities to get their tax matter resolved prior to the threat of an actual seizure. In most cases, proper communication between the IRS and the taxpayer, or the taxpayer’s representative, will help facilitate an alternative resolution of the tax liability that satisfies the needs of all parties. However, in situations where IRS seizure action is imminent, taxpayers would be well-served by exercising their appeal rights and seeking assistance from a qualified tax professional.
If you need help with property seizures in Hollywood, contact us today at 1-714-382-6780 for a no-cost, private consultation with experienced Hollywood CPAs, enrolled agents, and tax attorneys.
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