Do Not Let the IRS Take Your Assets

If you have big Internal Revenue Service (IRS) problems, the likelihood of asset seizure is high. The IRS can seize your assets if they demand payment. Meaning, if you owe the bureau a lot of unpaid taxes, you may not have a lot left after they're finished seizing your properties.

The IRS usually uses factors in determining what assets to take:

1. The tax liability amount vs. the amount of the asset required to pay it off
2. If it's not hard to take and sell the assets
3. The taxpayer's attachment to the assets

You might be threatened with asset seizure by the IRS. This gives you the chance to choose to sell your assets on your own to settle your back taxes. The properties often seized by the IRS are as follows:

• Accounts in banks
• Vehicles, including automobiles, yachts, planes, and recreational vehicles
• The cash value of life insurance
• Accounts receivable
• Investments in bonds and stocks
• Wage
• Assets for collection
• Owned buildings and houses
• Keoghs, IRAs, Pensions
• The home you live in

Though you might think that they're taking everything, the following properties can't be seized by the IRS:

• Clothing, not including fur coats and luxury wear
• Fuel, furnishings, personal effects and supplies limited to $6250
• Tools of trade and books up to $3,125
• Books for school
• Benefits for unemployed individuals
• Worker's compensation
• Public assistance money
• Job training benefits
• Unreceived mail
• Court-ordered child support
• Special Treasury fund deposits by employees of the Public Health Service and the armed forces who are working outside the U.S..
• A few disability payments
• Minimum exemption amount of wages, salary and other income
• Public assistance payments from welfare or SSI

The best thing for you is to avoid asset seizure, but if you have already been served your advice from the IRS, what is the next thing to do? Our company can assist you throughout the release process. Your taxes will have to be paid in full, or you can negotiate an installment deal with the IRS, prove a hardship, or prove that the value of the asset taken exceeded that of what you owed.

Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He teaches attorneys, CPAs and Enrolled Agents in the finer aspects of IRS representation all around the United States. He can be reached at his website at http://www.getIRShelp.com