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Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2355
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I have a personal lien from the IRS can they go after a corporation i have with multiple o

Customer Question

i have a personal lien from the IRS can they go after a corporation i have with multiple owners iam 20% share holder
Submitted: 1 year ago.
Category: Tax
Expert:  Anne replied 1 year ago.
Hi
I'm Anne I've been preparing taxes for 27 years and I'll be helping you today
A corporation is a separate legal entity under state law. The corporation’s officers or employees do not own the corporation’s assets. In fact, not even the shareholders own the corporation’s assets. Shareholders merely own a percentage share of the corporation’s profits, measured by their share of the stock, should the corporation decide to distribute profits. But no shareholder has the right to waltz into the offices of a corporation, present his stock certificates to the secretary and walk out with his share of the office furniture.
If a shareholder of, say IBM, owes money to the IRS, the IRS cannot seize any of the corporation’s income or assets to satisfy that debt.
However,the IRS CAN seize the shareholder’s stock and sell it.
Your best bet is to contact the IRS as soon as you can and see if they're willing to work with you. (Please note, this may take more than 1 phone call. I have called up to 5x (?) I think before I found someone that was willing to help my client. You learn pretty quickly whose having a bad day, and you move on. Your first call may be to Texas and the next call to Kansas City. Be sure you get the person's name and ID#. I always ask if they can send the information that they just gave me either through email, snail mail, or fax.
You have to remember that the person on the other end of the phone is just trying to do their job
Here is a URL that speaks to liens and how to get them released:
http://www.irs.gov/pub/irs-pdf/p1468.pdf
If you're not comfortable talking to the IRS, (and many people aren't) then generally, you need either an Enrolled Agent (EA) or a CPA to get all of your options and possibly help you decide which would be best for you.
I don't know how well you know the other investors in the Corp, so you may want to keep the fact that you have a personal lien quiet, especially if you are in contact with the IRS and are working towards some sort of settlement.
If you have any questions, please post them here and I'll be notified.
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Expert:  Anne replied 1 year ago.
I see that you read my posting, but neither accepted it or asked any follow up questions, and I just wanted to check in with you to see if there's any other information that you need, or if you had any other questions for me.
Like all experts here, I want to provide you with excellent service.
Thank you again for choosing justanswer.