Asset Seizure (a.k.a. Levy on Asset)

After procedural requirements have been fulfilled by the government, it may levy (seize) non-exempt assets of a delinquent taxpayer.  The government takes physical possession of the asset and will typically sell the asset at an auction and apply the proceeds to the taxpayer’s tax liability.  State taxing authorities generally follow similar procedures.
 

For more information, refer to our article Will the IRS Seize Assets or Force the Sale of Them?.

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