Unlike the levy which involves intangible assets such as your bank account, a
seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when
someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
A Seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don't
think they won't. Many a newspaper or television show has reported citizens being forced out of their homes after it
was sold at an IRS auction, often for as little as half its value.
When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your
assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance
polices, and even your retirement funds.
Young Accounting, Ltd.
7777 Lake Street, Suite 200, River Forest, IL 60305 Tel (708) 366-6377 Email ken@youngcpafirm.com
Young Accounting is a Chicagoland accounting firm that provides a wide variety of accounting, tax and financial management services. Our clients are located in towns like Oak Park, River Forest, Chicago, Elmwood Park, Melrose Park, River Grove, Forest Park, Riverside, Elmhurst, Downers Grove, Westchester, Hillside, Oak Brook, Hinsdale, La Grange, Villa Park, Westmont and more. We service clients in Cook County, DuPage County and Lake County.
