Notice Of Seizure

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DEFINITION of 'Notice Of Seizure'

A letter or written notice from the Internal Revenue Service (IRS) informing the recipient that authorization has been given to liquidate his or her assets in order to cover the income taxes due.

BREAKING DOWN 'Notice Of Seizure'

This is not something you want to receive. Seizure is where the IRS comes in and takes your car, house, shirts, socks and U2 posters.

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RELATED FAQS
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    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>
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    The Social Security tax rate is 12.4% as of 2015. Of that amount, the employee is responsible for half, or 6.2%, and the ... Read Full Answer >>
  3. What is the Social Security administration responsible for?

    The main responsibility of the U.S. Social Security Administration, or SSA, is overseeing the country's Social Security program. ... Read Full Answer >>
  4. How is Social Security tax calculated?

    The Old-Age, Survivors and Disability Insurance program, or OASDI, tax is calculated by taking a set percentage of your income ... Read Full Answer >>
  5. Are my Social Security disability benefits taxable?

    Social Security disability benefits may be taxable if you receive other income that places you above a certain threshold. ... Read Full Answer >>
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