If you owe money in back taxes, you might be worried about the Internal Revenue Service (IRS) going after your personal property. Yes, they do have the right to seize almost everything, from your wages to the money in your bank accounts to your house.
If you are afraid that the IRS is coming after your belongings, you need to take action now to resolve your tax debt.
The IRS can come after you faster than you think. They must notify you of their intent to levy your property thirty days before doing so. For instance, they can send you a letter informing you of their intent, and then before you know it, money has been withdrawn from your bank account. It’s not going to be given back.
It would take a lot of tax debt before they go after your residence, but understand that your house, vehicles, and even long-term investments are on the table. If you don’t communicate with them right away, they can take those, too.
The good news is that the IRS can be reasoned with if you communicate with them. Coming up with a plan to pay your tax debt is the best place to start.
You worked hard to obtain your property, and you don’t want it taken away. Unfortunately, the IRS does have the right to seize any and all of your property if you don’t take action to resolve your tax debt.
The sooner you take steps to handle your back tax debt, the better chance you have to prevent the seizure of every belonging you care about.
Contact The W Tax Group to get your tax debt under control. Call 1-877-500-4930 to talk with a tax attorney during a free debt analysis. You can also head to our website for more information on how a tax professional can help you.
