If the IRS applies a tax levy and decides to seize your property, they will sell the asset and apply the proceeds of the sale to your outstanding tax debt. Before the actual sale of the property, the Internal Revenue Service will first calculate and provide you with a minimum bid price.
From there, you’ll have the chance to challenge the fair market value if necessary. Then, they’ll issue you a notice of sale and announce the sale to the public. Once the public has been notified of the sale, the IRS will typically wait at least 10 days before selling your property. The proceeds from the sale will go toward the cost of seizing the property, selling it, and the remainder will be used to help satisfy your tax debt. If there is excess money left over after the sale is complete, you can obtain a refund.
NEED HELP WITH OFFER IN COMPROMISE, TAX SETTLEMENTS, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS? ADVANCE TAX RELIEF LLCwww.advancetaxrelief.comBBB A+ RATEDCALL (713)300-3965
How do I get my seized property back?
If you want to get your seized property back, you’ll want to take immediate action to resolve your tax debt. Contact the IRS immediately to request a seizure release, or enlist the help of a tax professional to expedite the process. The IRS can also release your seized assets if they find that the collection of your property imposes economic hardship. If your request to have the seizure released is not approved, you’ll have the opportunity to appeal.
There are also several circumstances where the IRS would be required to undo the seizure of your property:
1) If you fulfilled your tax liability2) The collection period ended before the seizure took place3) If releasing the asset back to you would help you cover your tax balance4) You enroll in an installment agreement program and the agreement prohibits the seizure of your assets5) If the collection of your assets would result in economic hardship; preventing you from meeting your basic needs and living expenses6) The value of the property exceeds the amount owed and if the release of the asset would not prevent the IRS from collecting the tax debt owed
Getting the IRS to release your property isn’t an easy process to navigate. For help dealing with the IRS, settling your tax debt, and more information on how to stop a tax levy, contact Advance Tax Relief
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2014, 2015, 2016, 2017, 2018, 2019 & 2020 Form 1040 tax returns or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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