Reply To: Questions from Podcast series for Eric and the group – Pod No. 37 – Payroll Tax

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#13827
Eric Green
Keymaster

No, if there are assets with value the IRS lien would attach, but the IRS only wants the money, not the asset themselves. But here there really is no asset – the tax and judgment amounts exceed the FMV. I would close the business and sell the assets, with the proceeds going to the creditors.

An alternative is to see if a “friendly buyer will come in and low-ball the amount offered. This way the assets get to someone friendly for a good price. The negative is that the taxpayer will still be left with some TFRP on them they will need to deal with.

My thought is to sell the assets and get the government paid.