Does anyone know what i can do? what steps to take? and how i can deal with the IRS and still manage my business? before this we were beraly geting thrue but now im stuck in what to do.
2007-08-03 06:47:00 · 6 answers · asked by Kikkis 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Is this levy for your business or for an employer who works for your business? If it's for your business, the levy would go to your bank, and they would be forced to pay the irs. You need to contact them to work something out (I'm sure there must be a number on the notice). If it's for your employee, once again, you have to comply with the levy notice, and it would be up to the employee to work it out with the IRS.
2007-08-03 08:21:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They wouldn't have issued a levy unless they had been trying for quite awhile to get the money from you, so this shouldn't have been a surprise to you.
Some depends on what the back taxes are for. If it was money withheld from employees paychecks and not remitted, the IRS is unlikely to be willing to cut any deals - they take a very dim view of that, which is essentially stealing. If it was taxes on business profits, you might be able to cut a deal to at least have interest and penalties reduced.
2007-08-03 07:17:15 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The IRS only issues a levy if you have been ignoring them for a while. It may well be too late to do anything about it now.
You haven't given any details of what this is all about so it's really not possible to say. You probably should consult with a tax pro at this point.
2007-08-03 08:31:21 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Often, you can contact the IRS and work out a payment plan. Going to the IRS with an Accountant often makes easier to deal with (they sometimes get agressive with taxpayers who are not professionally represented).
2007-08-03 12:18:56 · answer #4 · answered by bbcpa7 2 · 0⤊ 0⤋
The IRS is tough to work with. The only thing I can think to do would be to see if they will accept less than what you owe them.
If you can show them that you will be bankrupt if you pay the whole amount, they might accept less so you can stay in business.
Or maybe they will let you make payments over a couple of years.
Good luck.
2007-08-03 06:58:21 · answer #5 · answered by STEVE C 4 · 0⤊ 1⤋
pay it you don't won't to play around with uncle sam
2007-08-03 07:26:45 · answer #6 · answered by catgina 2 · 0⤊ 0⤋