While a lien is a filing and is public record, and a levy can be the attachment of your bank account or wages, as seizure is the taking of physical assets, such as your home or car. Seizures usually happen in cases that have escalated, when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
An IRS seizure is a serious issue. Many celebrities as well as "regular citizens" have been featured in newspapers and television shows, 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 a quick sale. They often get less than half your assets value, so they often seize everything you own except for a very limited list of what they cannot take. They can take numerous assets, including your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds.
If you have been advised of a seizure (or expect one), procrastination is no longer an option. Get yourself the professional tax help you need immediately. Contact us today.