Can The IRS Shut Down My Business If I Owe Taxes But Cannot Pay?

The IRS can shut down your business if you owe taxes and cannot pay. The IRS can file an action to foreclose on a lien. That action can result in closing the business and seizing all of its assets. A more common way that the IRS uses an action to foreclose on a lien is to issue a levy against the customers of the company. That levy instructs the customers to send the IRS 100% of the amount they would have sent the owner of the business. As a result, the business will have zero income and will have to shut down.

How Long Can The IRS Go Back And Try To Collect Any Owed Taxes From Me?

Generally, the IRS has 10 years from the date of any tax due to collect owed tax. However, several things can extend that statute, such as a bankruptcy. Sometimes, the IRS will try an offer in compromise. For payroll taxes, the statute does not start until April of the following year from when the taxes were due.

Is Virtual Currency Or Cryptocurrency Taxed As Income Or Property?

Virtual currency or cryptocurrency is taxed as income.

Do I Have Income To Declare If I Bought Cryptocurrency And Made A Profit In 2019?

If you bought cryptocurrency and made a profit in 2019, you have to declare it as income. The profit will be taxed as a short-term capital gain or a long-term capital gain, depending on the time between the buying and selling.

Does Cryptocurrency Receive As A Contractor For Services Constitute As Self-Employment Income?

Cryptocurrency received as a contractor for services does constitute as self-employment income. It is treated the same as if you were paid in cash or check.

For more information on Owing Business Taxes to The IRS In SC, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

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