Seizures of Assets

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What is the difference between a levy and a seizure?

A levy involves liquidating an asset such as your bank account. A seizure is when the IRS takes possession of property such as your home or car, sells your interest in the property and apply the proceeds (after the costs of the sale) to your tax debt. Seizures happen in aggravated cases when a taxpayer ignores repeated requests by the IRS over a long period.

How do I get my seized property back?

  • Contact Resolution Tax immediately and retain our services
  • Contact the IRS to resolve your tax liability and request a seizure release.

The IRS is required to release a seizure if it determines that:

  • You paid the amount you owe
  • The period for collection ended prior to the seizure being issued
  • Releasing the seizure will help you pay your taxes
  • You entered into an Installment Agreement and the terms of the agreement do not allow the seizure to continue
  • The seizure creates an economic hardship, meaning the IRS has determined the seizure prevents you from meeting basic, reasonable living expenses
  • The value of the property is more than the amount owed and releasing the seizure will not hinder our ability to collect the amount owed.