can the irs garnish corporate assets to pay for back personal taxes?
I owe some $14,000 in back taxes and I own a corporation now. I know that the IRS can cease personal assets, from property to bank accounts. Can they touch assets under the corporation’s name as well?
Originally posted 2010-04-15 20:57:58. Republished by Blog Post Promoter
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Generally no. A corporation is considered a separate legal entity from it’s shareholders. Typically, if either the IRS or another legal entity pierces the corporate veil, it is in the other direction (going after the shareholders’ personal assets to settle the corporation’s debts).