IRS Asset Seizure

The seizure of assets is the bluntest tool in the IRS collections arsenal. Under Internal Revenue Code 6331, if a taxpayer refuses to pay any tax owed ten days after the issuance of a notice and demand for payment, then the IRS can collect the tax through a seizure of the taxpayer’s property. Under this power, the IRS can seize property such as vehicles, jewelry, artwork, real property, and even a personal residence. 

While the IRS does have the statutory authority for the seizure of assets, it is an arduous and lengthy process for Revenue Officers to undertake. On top of several required investigative steps that must be completed to determine the appropriateness of the seizure, there is a litany of forms that must be completed prior to a managerial review.
The ramifications of the IRS seizure process can have dramatic effects on taxpayers. The threat of having assets seized takes an incredible toll on taxpayers both financially and emotionally.

If the IRS has requested the voluntary sale of an asset to avoid its seizure, please do not delay in reaching out to a tax attorney at RLU&W law today.