Let’s say that you own a home or run your own business. You obviously have some big responsibilities in either case (or both cases). But, unfortunately, you are delinquent on your taxes. As a result the Internal Revenue Service is coming after you, and why wouldn’t they? You’re behind on your taxes, and it is their job to recover any tax debt that an individual may owe to the government.
Here’s the question: as a homeowner and/or business owner, can the IRS take your home and/or business in order to make up for the tax debt that you owe?
The answer is “yes.” The IRS does have the ability to claim your home and/or business if you owe back taxes and you fail to properly pay them back (and any penalties that they may have accrued over time). This process usually begins after the individual taxpayer has failed to properly communicate with the IRS, or failed to pay back their debts in full after coming to an agreement with the IRS.
We call the seizure of a home or a business a “process” for a reason. There are specific rules and steps that the IRS must follow and take in order to properly seize these assets. If they fail to follow these rules, then the seizure of your assets and/or property could be deemed illegal or unjust, and you could take the necessary steps to challenge the seizure of your assets. In order to go about this challenge properly, be sure to consult with a lawyer first.
Source: FindLaw, “Can the IRS Take Your Home or Business?,” Accessed May 8, 2015
