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Good afternoon. Your ownership interest in the business would be at risk, but it's not likely the IRS would deprive you of the ability to run a business which would be the means by which you would be able to re-pay them. The IRS will work with you on this. A taxpayer unable to pay the full amount of taxes due can dealwith the IRS in one of two ways: i) if the taxpayer can pay it within 60months, the IRS will work out an installment payment arrangement with thetaxpayer; if the amount due is under $50,000, the taxpayer can do this on-line;or ii) if not, the taxpayer would want to file an application for an Offer inCompromise where the IRS will agree to forgive all or a portion of it thatcan't reasonably be paid within the 60 month period. There is a step by step process for filingthe Offer in Compromise application, as well as the full details of theprogram, in the IRS Offer in Compromise booklet which you can find at thefollowing website: www.irs.gov/pub/irs-pdf/f656b.pdf
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