Notice of Seizure

What Is a Notice of Seizure?

A notice of seizure is a written notice from the Internal Revenue Service (IRS) to inform either an individual taxpayer or business that the government has held onto its property.

Otherwise called form 2433, a Notice of Seizure states that, under the authority in section 6331 of the Internal Revenue Code, and by temperance of a levy from the Area Director of Internal Revenue, the IRS has held onto property for nonpayment of past-due internal revenue taxes.

The document will list from what date the taxes are past-due, the amount that was due, and the taxpayers' Internal Revenue Area and Territory. A notice of seizure will portray what property was seized and will show the name and signature of the Revenue Officer, making the seizure.

Figuring out Notice of Seizure

A notice of seizure is the last document the government must deliver during the time spent holding onto property for nonpayment of federal taxes. The Internal Revenue Service will start this cycle by sending a "Notice and Demand for Payment," which demonstrates to a taxpayer that they owe the federal government money.

On the off chance that the taxpayer disregards the Notice and Demand for Payment or neglects to pay the debt in full, the IRS will eventually send a letter showing its intent to levy the individual taxpayer or business' assets. The intent to levy is indicated in various forms, contingent upon the taxpayer's situation. For example, on the off chance that the delinquent taxpayer has a critical state income tax refund, the IRS could send a form CP 504, which demonstrates the government's intent to levy against the state refund to restore itself.

Notice of Seizure in the Seizure Process

A CP90 notice is a last notice of the intent to levy, which shows that a seizure is impending. CP90 is a formal notice that the IRS has the privilege to hold onto your assets except if you make a move in no less than 30 days to pay what you owe, or request a payment plan in the event that you can't pay. As of now, your assets are all at risk, from real estate to bank records to retirement savings or other investment vehicles. Assuming you can't help contradicting the notice, you can request an assortment due process hearing, and even appeal that decision if necessary.

At the point when the IRS truly does eventually hold onto a taxpayer or business' assets, it is required to leave a copy of the Notice of Seizure at the site of the seizure, and mailing duplicates by standard and certified mail to the important individual's last known address and workplace is likewise required.