Most taxpayers with delinquent IRS taxes have a notion that the IRS can take things from them in order to resolve their tax delinquencies.
Most people are aware that they can have their bank account drained by the IRS. Many, however, are unaware that the IRS’ power of seizure has very few limits. Many business owners and entrepreneurs with delinquent IRS and state back taxes need to be concerned that the IRS will try to seize their:
- Bank accounts
- Investment accounts
- Retirement accounts
- Real estate (including but not limited to your primary residence)
- Accounts receivable (reaching out to your customers, telling the customers to pay the IRS rather than you)
- Business machinery and equipment
- Inventory
- And more.
For the average taxpayer who owes a relatively small amount of back tax debt, the risk of these outcomes occurring can be marginal. And at that, the problem with the IRS can be resolved in a couple quick phone calls, so these threats would not be as likely to materialize.
However, for business owners and entrepreneurs with substantial IRS back tax problems, such as owing at least 6-figures and years of unfiled tax returns, your exposure is significantly higher. If you are unable to negotiate a resolution to your back tax debt, the IRS will have absolutely no problem pursuing the seizure of the above assets.
Our firm has substantial experience in helping to prevent these types of seizures; and while this is not a guaranteed outcome, we do have extensive experience in helping taxpayers retrieve seized assets after they were seized.
If you are a business owner or entrepreneur facing a high-stakes tax matter who is committed to solving it for good, contact our firm today.