IRS Business Seizure: It Can Happen to You
There’s nothing worse than spending years working and building your business and ending u worrying about losing it over back taxes. Although it doesn’t happen frequently and when it does, seizing a business isn’t a short process. However, if you owe the IRS, you should know that there’s a possibility you could lose any asset you have, including your entire business. Do you have a tax bill and own a business? Here’s what you need to know about the IRS business seizure process.
When the IRS Seizes a Business
The process to seize a business is similar to when the IRS has to seize a home, meaning it usually follows several attempts to resolve the debt and is often the last resort. It’s important that you communicate with the IRS and work out payment arrangements rather than ignore correspondence or hope it goes away on its own.
If the IRS must resort to seizing your business, you do have rights. However, it can be stressful and overwhelming determining the best way to move forward on your own. If the process gets to the point where the agents have an approved and signed order by a judge, you could very well find IRS agents armed with weapons, prepared to shut down and padlock your business.
Sometimes the IRS is Wrong
Although the IRS can take your business, it doesn’t always mean it is justified. In fact, there have been cases of IRS business seizures that are not only unnecessary but also entirely illegal. In fact, there are certain procedures that the IRS must follow before they even attempt to seize your property. For instance, you must receive adequate notice of the intended seizure, and you must have an opportunity to appeal or contest the seizure.
What You Can Do About an IRS Business Seizure
In these cases, it’s crucial that you have an experienced legal team on your side to help you retain your rights and protect your assets. It’s also important that you maintain communication with the IRS. Ignoring your bill not only makes it grow because of penalties and fees, but it can also mean missing out on opportunities to satisfy what you owe without losing your business and other assets. You should also make sure you are diligent in providing the information and documents the IRS requests. If you have problems with any of these areas, a tax lawyer can help.
Protect Your Assets with an Experienced NYC Tax Attorney
When it comes to protecting assets, especially if you have a business, there is no better weapon to have on your side than an experienced legal team. The attorneys of Mackay, Caswell & Callahan, P.C. can help you protect your business and make sure you retain your rights throughout the process.
If you owe the IRS and are in jeapardy of an an IRS business seizure, contact our NYC tax attorney immediately. Schedule a consultation by completing our online contact form or calling 844-MCC-4TAX (622-4829). An experienced tax lawyer from one of our offices in Albany, New York City, Rochester, Syracuse, Utica, and Watertown can help.
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