| If you have major IRS Problems, the likelihood of asset | | | | cannot seize:o Clothing but does not include fur coats |
| seizure is high. When the IRS wants payment, it can | | | | or other luxury wearo Fuel, furniture, personal effects |
| seize your assets. This means that if you owe the IRS | | | | and provisions up to $6,250.o Books and tools of a |
| a lot of unpaid taxes, you may not have much left | | | | trade up to $3,125.o School bookso Unemployment |
| after they are done seizing your assets. | | | | benefitso Worker's compensationo Public assistance |
| The IRS usually uses these three factors in | | | | moneyo Job training benefitso Undelivered mailo |
| determining what assets to seize: | | | | Court-ordered child supporto Deposits made to the |
| 1) The amount of the tax liability vs. the property | | | | Special Treasury fund by members of the armed |
| needed to pay the tax | | | | forces and Public Health Service employees assigned |
| 2) How easy it is to seize and dispose of the assets | | | | to permanent duty outside the U.S.o Some disability |
| 3) How important the assets are to the taxpayer | | | | paymentso Minimum exemption amount of wages, |
| The IRS will threaten asset seizure in hopes that you | | | | salary and other incomeo Public assistance payments |
| will choose to sell the asset(s) to pay your unpaid | | | | from welfare or SSI |
| taxes. These are the assets the IRS commonly | | | | The best option for you is to avoid asset seizure but if |
| targets:o Bank accountso Vehicles including cars, | | | | you have already received your notice from the IRS |
| boats, airplanes and recreational vehicleso Cash value | | | | what is the next step? Our firm can guide you through |
| life insuranceo Accounts receivableo Stocks and | | | | the release process. You will have to pay your taxes |
| bondso Wageso Collectibleso Real estate including | | | | in full, offer an installment agreement to the IRS, |
| investment and vacation homeso Pensions, IRAs and | | | | possibly prove a hardship, or prove that the amount |
| Keoghso Your home | | | | that was seized was actually more than what you |
| So, what is left? These are the assets that the IRS | | | | owed. |