Bank Levy Tax Lien Resources Washington DC
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Company: Core Advisory, LLC
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Frank & Darby Doe
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Company: WealthPath LLC
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Integrity Financial Group, LLC
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The Planning Companies
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Bank Levy Tax Lien Resources
Bank Levy - Payroll Tax Lien
A payroll tax lien is used by the IRS to secure the payment of overdue payroll taxes. A bank levy is the actual seizure of money to pay them. Get both a bank levy and payroll tax and you have a major problem.
Imagine the worst possible tax nightmare involving your personal taxes. Now multiply the misery by 100 times. The result will give you an idea of payroll tax problems with the IRS. It simply doesn't get any worse. Not remotely.
The IRS takes a very aggressive stance when it comes to payroll tax. The reason for this is the IRS views the payroll tax as partially being "owned" by the employees of a business. When an employer fails to pay payroll taxes, the IRS takes the view the business has stolen the money. Yes, we are talking criminal theft and all that implies. In a best case scenario, the IRS will workout a payment plan with employers. In worse case scenarios, the IRS will seize your assets, liquidate the business and pursue criminal charges. Whatever you do, make every effort to deposit payroll taxes in a timely matter.
If you miss payroll tax deposits, the IRS will come for you quickly and with a very bad attitude. You can expect a bank levy to be filed on the business bank accounts. In such a situation, the bank will be forced to freeze the accounts and forward all amounts not exceeding the tax owed to the IRS within 21 days. Put another way, the minute the levy hits the bank account, you can kiss the money goodbye. The IRS will typically renew the levy on a daily basis until the money is paid.
A bank levy from a payroll tax lien should scare the living day lights out of you. When one occurs, you should expect the IRS to raid your business within a matter of days. Come hell or high water, the IRS intends to collect the missing payroll tax and you are going to experience misery unlike anything you can imagine.
Making matters worse, the IRS does not just attack the business with a bank levy when trying to collect ...