IRS Ramps Up Asset Forfeiture Activity
Posted in Asset Forfeitures / IRS Audits on April 20, 2011 | Share
The IRS is reinvigorating its asset forfeiture program – a program that allows the IRS to seize taxpayer assets. Traditionally, asset forfeiture has been used by the IRS in cases of tax crimes that also involve narcotics trafficking, organized crime and money laundering. Now, the IRS is flexing its asset forfeiture muscles against taxpayers with offshore bank accounts and other international activities.
For years, asset forfeiture has been one of the most effective tools in the IRS tax law enforcement arsenal. Asset forfeiture laws allow the IRS to seize a taxpayer’s assets that were allegedly bought with the proceeds from illegal activity or used in that activity are seized by the United States government. Assets that the IRS can seize on include – but are certainly not limited to – bank accounts, investments, computers, cars, even houses.
The IRS can seize taxpayer property as part of a civil legal action or a criminal prosecution. In some cases, the IRS can seize property as an administrative matter without any court involvement at all.
The IRS has made the reinvigorating of its asset forfeiture program a high priority. Recently, the IRS has established asset forfeiture task forces in major cities to locate and seize taxpayer assets. This comes as no surprise considering the down economy and the government’s emphasis on tax law enforcement, particularly in cases involving international activity.
If the IRS has levied upon or seized your property, you must act quickly to protect your rights and reclaim your property. Call Kevin E. Thorn at 202-270-7273 immediately to discuss your options and protect your rights.
