Notice of Seizure(redirected from Notices of Seizure)
Notice of Seizure
In U.S. tax, a letter informing the recipient that the IRS has permission to seize the recipient's assets for nonpayment of taxes. If a taxpayer is grossly delinquent in payment of taxes, the IRS has the right and ability to seize and sell the taxpayer's assets to make up for what is owed. In order to do this, the IRS must send a Notice of Seizure, which gives the taxpayer the right to appeal the decision. If no appeal is made, or if it is found against the taxpayer, the IRS may seize any and all assets to pay back taxes and accrued interest.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved