What Everybody Ought To Know About IRS Seizures

If you have tax debt, you may be concerned about which of you assets the IRS could potentially seize. The basic answer is most of them---up to the amount of your tax debt.

Can they seize your Social Security? Up to 15% of it they can. If you have State tax debt as well, they can take a lot more---depending on the state.

Can they seize your bank account and 401k/IRA? You bet they can. No matter what your 401K company may tell you, even if you cannot touch your retirement account, the IRS can.

Can they seize you home? Yes, but that is unlikely unless your liability is very large, you have been totally non-cooperative and do not have a family. If you have a family, the IRS rarely seizes the families home. They can require that you borrow against the equity in you home, but it is bad PR to throw a family out of its house, so it is rarely done.

How do your prevent these seizure from happening? Do not ignore the notices the IRS sends you! If you are unsure of how to negotiate with the IRS then you may need representation. You do not need a tax attorney, unless you are going to tax court. If you simply need representation before the IRS, you need an Enrolled Agent to represent you.

Having someone in your corner who has experience in dealing with the IRS and knows the rules and your taxpayer rights, can save you a lot of worry and find the best possible resolution for you tax situation. Follow the link above to find more details on what an Enrolled Agent does and if you have questions, there is a link on the site for either a live chat or the ability to leave a message and someone will contact you with an answer.