• Preparation of Tax Returns for S Corporations, LLCs, and Partnerships
• Filing Incorporation Papers
• Tax Issues for Start-Ups
• Tax Issues and Advice for Acquiring or Selling a Business or Business Succession
• Tax Liens & Levies
• Employment and Payroll Tax Liabilities
• Tax Audits
• Payroll Services

Tax Liens & Levies

For past due business related tax liabilities, tax liens can be placed on business assets. Perhaps more ominously, depending upon how the business is structured and operated, liens arising from business tax liabilities can also be placed on a business owner's personal assets.

A tax lien is a claim of the IRS (or state agency) against your assets or property for taxes, penalties, or interest owed. The tax claim is similar in nature to the lien a mortgage lending company has on your house when you take out a mortgage. When left unattended a tax lien can lead to a "levy" on your assets or property. A levy is the taking or seizing of your assets and property. If your business is structured or operated in a way that your personal assets are at risk for business liabilities, your personal assets or property can be seized to pay for your business tax liabilities.

Tax liens or levies may be placed on the business's bank account, inventory, equipment, and real estate. So to avoid a major disruption of your business it is important to attend to these matters immediately. We can assist our Clients from having a tax lien or levy imposed or, once imposed, having a tax lien or levy reduced or removed.

We can assist you in several ways. We can help you:

• Attempt to avoid a tax levy by timely contacting the IRS on your behalf. Many times the issuance of a levy can be avoided if the IRS or state agency can be contacted before the process of issuing a levy begins.
• Attempt to negotiate the release or modification of a levy placed on business assets including the business bank account. Since livelihood of many business owners depends upon the continuation of their business, it is important not to have business assets levied upon.
• Attempt to persuade the IRS to remove an erroneous issued levy. This requires knowledge of the grounds on which the IRS can correctly issue levies.
• By representing you in a court hearing to argue for the removal of a levy. The right to a court hearing is based on following the correct procedures and seeking the hearing in a timely fashion.

You should consult with an attorney right away if you have received a notice that your assets will be levied upon. Time is of the essence in preventing a levy. While it is more difficult to deal with a levy already filed against you, we can assist you in negotiating a release or modification of a levy.