Notice of seizure,
Definition of 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 seized its property.
A notice received from the Internal Revenue Service that informs the receiver that in order to cover their income taxes that are due, the IRS is authorized to liquidate their assets. When an actual seizure occurs, the IRS physically removes a taxpayers assets.
Also known as form 2433, a Notice of Seizure states that, under the authority in section 6331 of the Internal Revenue Code, and by virtue of a levy from the Area Director of Internal Revenue, the IRS has seized property for nonpayment of past-due internal revenue taxes. .
Meaning of Notice of seizure & Notice of seizure Definition