IRS Seized My Account

IRS and other taxing agencies use tax levies as one of its many tools to collect on taxes which are owed by the taxpayer. It is one of the most powerful tools that the IRS has to collect on its taxes. Unlike other creditors, IRS is given the ultimate power to seize any assets that you may have to satisfy taxes which are owed to them without getting a court order. IRS is authorized to use vast array of data bases to find out where a taxpayer lives, works, banks, holds investment accounts. IRS data bases will allow them to have information on your ownership in land, cars, boats, interest in businesses and any other assets which can be sold or liquidated to satisfy taxes which may be owed.

Taxpayers are usually given a short notice by the IRS that their properties will be seized by the government and are told to make appropriate arrangements to prevent such seizure.

If not properly addressed, levies can have a devastating effect on most taxpayers. You may lose your wages, holdings in your bank or investment accounts. Your retirement savings may be liquidated and your cars and non-cash assets may be seized and sold at an auction. It is advised that you contact a lawyer immediately if you are threatened with a levy. Otherwise, your finances may suffer an irreversible damage.