The IRS has revamped collection activities so business owners that owe any federal back taxes, it is time to seek IRS tax levy help – quickly. Each year, the IRS distributes most of their budget to collection activities. The quickest way the agency can recoup funds is through liens and levies, and Congress grants the IRS all authority to take just about anything you own to satisfy tax debts.
Sad to say, many businesses close down because of a monster tax bill and little hope of paying it off. Business owners are naturally optimistic and all but ignore the knocks when the tax man calls. IRS agents want the money now. They are not forgiving, nor will they offer hand-holding or tax levy help. Businesses that initially seek IRS tax levy help save considerable fees and penalties and are able to negotiate bargains with the IRS.
The IRS treats business owners differently from everyday working citizens. Each year, tax professionals are flooded with phone calls seeking IRS tax levy help from business owners, wondering if their personal assets are at risk. There is no definite answer because the IRS is unsympathetic to business owners and the best strategy is seeking IRS tax levy help before the agency issues liens and levies.
The internal revenue service cross-checks information with banks, businesses and other payees to ensure small business owners are reporting the correct information. An IRS notice cp 2000 is sent to business owners, requesting information to verify income, deductions and credits reported on the tax return. The IRS notice cp 2000 is not a bill, but a notice explaining the agency has received data that is different from the numbers reported on the tax return.
In all fairness, sometimes the taxpayer has forgotten some nominal interest from a bank, other times the IRS is mistaken in their numbers. Yet, one simple mistake could turn into hundreds or thousands of dollars. Taxpayers receiving an IRS notice cp 2000 should consult experts and consider IRS tax levy help to negotiate on their behalf.
Whether or not the internal revenue service can come after your personal assets for business-related taxes will depend on the structure of your business. Sole proprietors should seek IRS tax levy help sooner than later since there is no legal distinction between your business assets and personal assets.
Businesses that are incorporated may or may not have their assets shielded from seizure. If a business owes payroll taxes, the IRS can go directly to the personal assets or any shareholder. If shareholders are using the corporation to shield their assets away from IRS prying hands, the IRS may be able to prove this and seize corporate funds. Anytime a business owes taxes, they are at risk for going under or at least getting on the IRS radar.
The Tax Collector Can:
- Request that you sell any assets not currently used in the business, or items the IRS feels are extravagant like a boat or vacation home. Keep in mind, the IRS can claim many items are extravagant and it will be up to the business owner to prove otherwise. Seek IRS levy help before it gets to this point.
- Begin enforced collection against the business and will try to seize personal assets. This means bank accounts, account receivables, equipment and other items the business owns. Once the IRS seizes accounts, businesses will find it challenging to get access to any funds. Every business believes their legal structure is IRS-proof and the agency cannot touch personal assets – not necessarily true. Any business facing this dilemma should rely on professional IRS levy help and let the experts handle it.
What Actions can business owners take?
Business owners can request a suspension of collection activity; however, it will take proof that the tax debt is currently not collectible. Suspension does not last forever and it is vital the owner seeks tax levy help. Those that do seek IRS tax levy help are more equipped with knowing what moves the IRS will most likely make and which negotiation techniques will work. Keep in mind, the IRS prefers taxpayers not to have anyone on their side, helping with negotiations. Businesses with IRS tax levy help have the advantage of experts, well-versed in the tax code. By having IRS tax levy help on your side, you would have the advantage of experts knowing what the IRS can and cannot do. Their everyday tactics don’t work when you have IRS tax levy help consulting you.
Nationwide Tax Group is accustomed to negotiating with the IRS, on behalf of business owners. Going it alone against the IRS is a daunting challenge that could cost you dearly. The worst that can happen is they include thousands in penalties and fees, in addition to the tax owed. When this occurs, it makes it more of a challenge to get the IRS to abate those additional costs. Our enrolled agent, CPA and attorney review cases daily and determine the best strategies for the most cost-effective results.
Paul and his wife Julie both spend quite a bit of time coming up with ideas, blogging, and researching all things related to childcare. They take care of all the necessary information related to “babysitters”. He personally think his blog will help finding information on all things related to a babysitter.
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