Tax Attorneys presents the very latest information on Internal Revenue Service

Internal Revenue Service

The Internal Revenue Service (IRS) is without a doubt the most powerful collection agency the United States has to offer. If a tax payer owes the IRS money they can collect it through a number of means but seizures are often the worst form of collection that IRS can impose. This is usually done as a last resort if all other methods of collection, liens, levies and garnishments, have proven futile. The IRS can seize almost any of your assets without having to sue you in a civil court or getting a judgment from a court of law. This makes IRS seizures a very powerful tool of debt collection for the agency.

The following items detailed below are what the IRS can take complete control of in its seizure operations:

• All of your bank accounts and accounts receivable
• Your entire earnings, salaries and wages.
• Any assets that you may have transferred to friends or family for a sum of money that    is below their expected market value.
• Any property that is owned by yourself, including your private home, furniture, and any    household items of significant value.
• All pensions including federal pensions as well as the liquidity value of your life    insurance.
• Any benefits or income under social security.

However, the taxpayer can stop the seizure operations by appealing for a ‘due process hearing’. The taxpayer can raise some questions as to the validity of the seizure during this hearing and also dispute the accuracy of the amount supposedly owed to the IRS. An appeal can be made for other collection methods to be imposed, such as an instalment option or an offer-in-compromise settlement, but if all your efforts fail all is not lost. The entire duration of the hearing would have you some extra time in which to secure further finances and potential pay off your debts before your belongs are repossessed.