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If you owe back tax debt from IRS for capital gain

cryptocurrency traiding and capital gain...
If you owe back tax debt from IRS for capital gain cryptocurrency traiding and capital gain by selling home, will IRS go after my business (S Corp) to collect the debt?
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Customer reply replied 1 month ago
I mean "If I"
Answered in 8 minutes by:
3/22/2018
KLAW
KLAW, Lawyer
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Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

The IRS can levy the wages that you receive from the S Corp., and/or your shareholder draw from the S-Corp. The income of the Corporation itself, or its bank accounts cannot be attached or levied without some extreme situation such as an allegation of fraud. This is rare though.

I hope this helps.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. We as attorneys are not employees of Just Answer and are not paid unless you rate the question. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

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Customer reply replied 1 month ago
What's shareholder draw from the S-Corp mean?
Customer reply replied 1 month ago
Also both capital gain for trading and home selling is mine since the home was under my ownership.Then is my wife responsible for the debt also?
A shareholder draw would be any dividends or money paid out as an extra distribution.
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Do you file jointly with your wife?
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Customer reply replied 1 month ago
Jointly.
Can IRS put lien on business?
If you owe income taxes personally, the IRS cannot levy or seize your corporation's bank account to pay your personal income taxes unless the IRS can prove that you are using the corporation to shelter personal funds from IRS collection.If you file jointly she would be responsible for the tax liability.
I hope this clarifies. Please don’t forget to rate the question
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Customer reply replied 1 month ago
Lastly, can IRS take my cryptocurrency to pay off the debt?

T​hat are starting to formulate a policy to be able to seize the currency as property. It is not currency because it is not issued by a government entity. So, yes in theory they can, but they are slow to formulate a policy to be able to seize and attach the profits, outside of a bank account.

Please don't forget to rate the question. We as attorneys are not employees of Just Answer and are not paid unless you actually rate the question. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

KLAW
KLAW, Lawyer
Category: Legal
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Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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KLAW and 87 other Legal Specialists are ready to help you
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Customer reply replied 21 days ago
Thank you for the answer! If me and my wife file tax seperatly, then my wife won't be responsible for my tax debt?
That is correct
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Customer reply replied 21 days ago
Thank you!
Customer reply replied 21 days ago
We've been file tax jointly in the past but if we start filing separately from now on, if future my tax debt occurs, my wife won't be responsible right?
If she filed separately she will not be responsible for future tax debt.
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