ASSET SEIZURES

The IRS has vast powers to seize assets.  Virtually all property you own, including most retirement accounts, homes, car, jewelry, artwork, etc., can be seized by the IRS.  Because of revenue shortfalls, the IRS is increasing its asset seizures.

The IRS must comply with many rules when conducting asset seizures.  It does not always comply with the rules, which gives ammunition to taxpayers to temporarily stop the seizure.  For example, the IRS must first verify that it has the correct amount of the tax debt, determine that there is no alternate less intrusive means of collecting the tax debt, and make certain that the asset about to be seized has equity available to the IRS.

And even if the IRS has correctly met all the rules for asset seizures, there are other defensive actions that taxpayers can take to avoid the seizure.  Professional assistance, however, is usually required to stop a seizure.