Yes, the IRS can levy your business in Atlanta if you owe back taxes and have not taken action to resolve the debt. A levy is a legal seizure of assets to satisfy a tax liability, and it can affect your business’s operations, including bank accounts, business property, or even accounts receivable.
IRS Levy Process for Businesses in Atlanta
If your business fails to pay taxes, the IRS will first send a series of notices before proceeding with a levy. The IRS typically issues a “Notice of Intent to Levy” and allows 30 days for you to respond. If no response is made, the IRS can proceed with levying your business’s assets.
How To Prevent an IRS Levy on Your Business in Atlanta
You have several options to prevent an IRS levy on your business:
- Pay the Tax Debt: Paying the full amount owed will immediately halt the levy.
- Set Up an Installment Agreement: A tax specialist can negotiate an installment agreement, allowing you to pay off your debt over time.
- Offer in Compromise (OIC): If you are unable to pay your debt in full, an Offer in Compromise may allow you to settle for less than the full amount.
- Appeal the Levy: You can appeal the IRS’s decision if you believe the levy is unjustified.
A Tax Consultant or Tax Specialist can be crucial in representing your interests and negotiating with the IRS to prevent or resolve a business levy. Their experience in dealing with IRS procedures can provide your business with a much-needed buffer against IRS actions that could jeopardize your operations.
If you are concerned about an IRS levy affecting your business, consult with an Enrollment Agent in Atlanta to explore your options and protect your assets.
