Folsom, CA Accountants for IRS Levies on Your Business
Cook CPA Group
All business owners in Folsom, CA, have an obligation to file their taxes on time every year. The Internal Revenue Services (IRS) oversees tax collections from all business entities operating in California and the rest of the nation. For this reason, it is essential to make sure you meet your filing deadlines to avoid facing problems with the IRS.
Fortunately, our Folsom, CA accountants for IRS levies on your business from Cook CPA Group can help. Our professional accountants understand how important paying your business’ taxes is. To learn more about our accounting and tax services, call our offices today at (916) 432-2218.
Understanding How the IRS Places Levies on Your Business in Folsom, CA
Every business in Folsom, CA, must pay taxes every year. If you miss your tax deadlines or otherwise fail to correct your tax filing issues, the IRS may levy your property. The IRS will levy your property to satisfy any tax debt you may owe. Some of the property that the IRS may impose levies on include your house, car, and other assets such as bank accounts, retirement account, and wages – among many other sources of income.
However, a levy is not filed automatically if you are in debt with the IRS. Before garnishing any property, the IRS will provide you with warnings about a potential levy. Typically, this warning is presented as what is known as the Notice for Demand of Payment. This notice basically notifies you of your tax debt and urges you to satisfy it before further action can be taken. If you fail to pay your debt to the IRS, you will get additional notifications from the IRS stating they will move to levy property to satisfy your debt.
The IRS can – and will – seize your property if you don’t meet your payment deadlines. However, you don’t have to face the IRS alone. Our Folsom, CA accountants for IRS levies on businesses can help you avoid levies on your property.
What You Should Do if the IRS Issues You a Levy in Folsom, CA
If the IRS issues a levy on your property, it is essential to take immediate action. The last thing you want is to dismiss the first notice of debt from the IRS and pretend nothing bad will happen to your business. One of the first things you should do upon receiving a notice from the IRS is contacting them directly. It is essential to ask for a release of any existing levy, especially if you have already paid an outstanding debt or otherwise took actions to remain in good standing with the IRS.
There may be instances where the IRS may refuse to provide or grant you a release. In such cases, it is easy to feel like you are out of options and that the IRS will seize your property.
For this and other reasons, it is essential to have an accountant by your side. Our Folsom, CA for IRS levies on you file an appeal if the IRS refuses to grant a levy release.
Avoiding a Levy on Your Business in Folsom, CA
As a business owner in Folsom, CA, you have the chance to avoid a levy. In order to prevent this IRS-issued garnishment action, it is necessary to file your taxes on time. If you cannot pay the entirety of your debt by your due date, it is essential to take immediate action. One of the most effective ways to solve this issue is to try your best to pay as much back as you can. The IRS is often open to meet you halfway and work on a plan to pay whatever balance you may owe. It is critical – and vital – to be proactive and stay on top of your situation.
As we mentioned, you may want to pay close attention to any notices the IRS sends your way. Do not ignore an IRS bill. This will only get you deeper into trouble. Ignoring your billing statement means the IRS will be closer to levying your property. However, many business owners may not know how to deal with the IRS or how they can reach an agreement to pay their taxes. This is where a professional accountant comes into play. Hiring a Folsom, CA professional tax accountant for IRS levies can help you ensure you are up to date with your taxes while protecting your assets from being levied.
Is There More than One Type of Levy for Businesses in Folsom, CA?
Different types of levies can affect your business. For instance, the IRS can send out different notices of levy depending on your specific circumstances. The IRS can send a notification to those taxpayers who have outstanding debt. Notice CP297 is issued in cases where a taxpayer refuses to respond to the IRS after multiple attempts. However, this is not the only type of levy notice you can receive from the IRS.
You may also receive what is known as notice CP523. This type of notice is sent out to businesses that are already on an installment agreement with the IRS but have failed to satisfy their debt. What this notice does is explain why you are in “default” and your levy’s conditions. Furthermore, CP523 also explains the steps you can take before your assets are garnished. Our Folsom, CA accountants for IRS levies on your business can help you with all of these matters.
Professional Accountants for Levies on Your Business in Folsom, CA
If you own a small business, LLC, or Corporation in California, you need to make sure to meet your tax requirements. Our Folsom, CA accountants for IRS levies on your business from Cook CPA Group, know how to protect you against this garnishment action. Thanks to our many years of experience, we have learned how to handle your business taxes so you can file on time and avoid getting a notice from the IRS. To learn more about our services, call Cook CPA Group today at (916) 432-2218.