Business owners struggling with debt may be more concerned with keeping their business afloat than paying all of their creditors. This may even be the case if the IRS is one of the creditors demanding payment. Indeed, the IRS’ power to collect taxes is legendary, but business owners may not realize this until the IRS closes their doors.
Because of this, business owners should know how the IRS collection process works, as well as the warning signs that a business in danger. This post will highlight a few.