When you first get a letter from the IRS it can be terrifying. It’s hard to know just what exactly the IRS is legally permitted to do and an entirely different question entirely as to what they will actually do in order to collect on taxes did they deem as unpaid. The assets that are most important to you such as your home and private collections are all considered to be fair game, can be seized. Even a method of transportation such as an automobile can be seized depending on the circumstances.
There is still hope, however. Because an automobile is necessary transportation, the Internal Revenue Service is willing to offer special arrangements and deals to taxpayers. This is absolutely crucial because any seized property that is sent to auction will inevitably sell for far less than what it is truly worth. Even in cases of luxury, high-end and collectible vehicles, the IRS is willing to work with any taxpayer to ensure that they are paid without any undue hardship.
Ultimately the IRS is only interested in being paid the taxes that are due, they are not interested in causing undue how are the taxpayer when items eventually go to auction. In many cases the IRS would much rather come to an arrangement and place a lien on the vehicle, allowing you to keep it and pay off tax debt over time.
Every situation is different and it’s imperative that you don’t o in alone. In many cases having a significant asset places collateral chose a good-faith effort debt back and can help a negotiation more than a seized vehicle would. A highly qualified tax attorney will be able to not only prevent the seizure of your vehicle but will also be able to negotiate favorable terms for the vehicle to be paid off and returned to its rightful owner.