Puget Sound Tax Attorney Understands Severity of Unpaid Employment Tax
Washington State Tax Law Firm Provides Guidance on Employment and Sales Tax Issues
When you own or operate a business, you need to be particularly aware of the efforts the IRS may take to collect your unpaid employment taxes. The IRS has the ability to close your business by seizing all your business assets, after which they will lock your doors and put your property up for sale. The bank accounts and accounts receivable of your business may also be levied.
How to Deal With IRS Collection Efforts
If you receive notice of a tax lien or levy, you may be able to file a Collection Due Process (CDP) appeal to contest the tax liability or propose alternate payment arrangements and stop forced collection. If you don’t have the right to file a CDP appeal, there are three other possible alternatives:
- Installment agreement, which will enable you to pay your total tax, penalties, and interest in installments over a reasonable period of time
- Offer in Compromise, which settles a tax liability for less than full payment of tax, penalties, and interest
- Bankruptcy, which may offer you the ability to re-determine your tax liability, but proceed with caution – not all tax liabilities are dischargeable
It is always in your best interest to face tax problems before they become too big or complex to handle. But rather than trying to deal with tax issues yourself, consider hiring a tax professional such as Puget Sound attorney Lana Kurilova Rich PLLC, who has the experience to guide you through the process to resolve your tax liabilities. Contact us online or call (425) 289-0629 to set up an initial phone consultation today.
