The IRS has brought in $114 Million dollars from the sale of the seized assets of US taxpayers from 2011 to 2014. When the IRS seizes an asset through a levy, it is required to develop specific plans for the sale of the asset and to maintain records demonstrating good faith to receive a fair value from the sale of that asset.
A recent audit of these sales by the US Treasury Inspector General’s office (for Tax Administration) found that the IRS had conducted the seizures and sales noting that the items had been properly inventoried, protected and managed “professionally.”
When a US taxpayer is unable to pay back taxes, IRS Collections will issue a Notice of Intent to Levy and has the authority to seize assets, bank accounts and anything else of value that can be sold to satisfy the debt of the taxpayer. In 2013, the IRS brought in over $31 Million from these sales, however 2014 numbers were significantly less at $22 Million.
If you have received a letter from the IRS notifying you of an Intent to Levy you need to take immediate action or they will seize your accounts and assets. We invite you to call for a free consultation at 866-631-3470. We will work together to build a plan to protect your assets and resolve back tax issues with the IRS.
