For most people who owe old tax liabilities, the most severe action the IRS can take is to seize assets as reimbursement for your tax debt. This can include your home, your car, and valuables such as jewelry, and collectibles to pay off the tax debt. They even have the right to seize retirement accounts and insurance policies, leaving you with nothing.
The IRS will start by issuing you a notice of intent to seize real or personal property. If you neglect to pay the requested balance or work out a solution with the IRS, they will issue a final notice. Once this has happened, you can request a Collection Due Process (CDP) hearing. You must file the request for a CDP hearing within 30 days of receiving your final notice. Acquiring experienced representation for this hearing is a must and will greatly affect your outcome.
If you have received a notice of intent to seize your property, call us immediately. Edgar and Edgar CPAs can start a plan of action that can delay the IRS’s ability to collect from you. For more information, please click to Request a Case Review, fill out your information and submit. A tax professional will review your case and contact you. You may also call our office at (281) 306-0066.