The IRS exercises the levy as the most common form of seizure. This is achieved through wages earned or money in the bank. According to the IRS, the group issued almost 600,000 levies to third parties like employers and banks in 2017.
Physical property such as homes, cars, and equipment are the least likely to be seized. The IRS only exercised physical property seizures a little over 300 times in 2017.
This reasoning is that the process of physical seizure is reserved for the worst circumstances. Those circumstances include instances where individuals attempt to hide assets, have payroll tax issues where taxes withheld are not being sent to the government, and those who commit blatant tax fraud.
These types of levies wont occur overnight, as the IRS sends multiple notices to pay your taxes or risk getting a levy. Once these notices arrive, a good rule of thumb is to take them to a qualified tax professional to authenticate, review a strategy, and execute an installment plan.
Feel free to contact us if you have any questions related to property seizures from the IRS.