NEWPORT BEACH SEIZURE AND TAX RELIEF
What to Know About IRS Seizures in Newport Beach
What is an asset seizure? Along with bank levies garnishments and tax liens, the IRS can exercise their authority to take possession of your income and assets as a means of collecting back taxes. Although property seizures aren’t as common as wage garnishments and other collection tools, when an IRS seizure does occur, the effects can be personally and financially devastating.
Can the IRS seize my car, house, and other valuables?
Before the IRS chooses to move forward with seizure action against your property, it usually considers whether or not the assets you own contain sufficient equity. This includes personal property, such as your vehicle(s), jewelry, and furniture, as well as real property, such as your personal residence or vacation home. The IRS can also seize and sell intangible property, such as property rights and goodwill.
What else do I need to know about IRS property seizures?
Seizure action by the IRS is often considered a “last resort” by the agency. Due to the cost and time of executing an asset seizure, taxpayers are often provided with multiple opportunities to resolve their tax matter prior to the threat of an actual seizure. In most cases, proper communication between the taxpayer and the IRS will help facilitate a solution to the back taxes that satisfies both parties. However, in situations where an IRS seizure is imminent, taxpayers would be well-served by seeking assistance from a qualified tax professional and exercising their appeal rights, where appropriate.
If you need help with property seizures in Newport Beach, contact us today at 1-714-382-6780 for a free, confidential consultation with knowledgeable Newport Beach CPAs, enrolled agents, and tax attorneys.
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