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The Hidden Downside of a Back Tax Business Lien

No one in business relishes a tax lien. They stick to your credit rating like a slug on slime until you pay off your company's back taxes. However a smart Atlanta tax attorney will strongly encourage you to take out almost any other kind of loan in order to pay your business taxes and avoid the hidden downside of a tax lien.

A perfect financial storm has coalesced, making a business tax lien even worse news than it was before. In today's conservative economy, businesses are struggling to meet their tax obligations, the IRS is cracking down on collections and banks are tightening their lending criteria. Thus, businesses that in the past have depended on banks or credit unions for bridge loans are increasingly locked out of any kind of traditional financial institution if they have a back tax lien. Atlanta back tax lawyers are busier than ever.

According to the IRS's in-house national taxpayer advocate, the number of business back tax liens has skyrocketed 500% over the last decade to 1.1 million a year. Atlanta tax attorneys agree that in addition to cutting off a formerly easy source of emergency funding, the proliferation of business back tax liens makes it harder for a business on the rocks to increase cash flow by bringing in new cash-rich partners.

So many companies were tanking under the new limitations that last winter, the IRS took the unusual step of loosening some lien-filing policies. Too little too late, decry many Atlanta tax lawyers. Making settlements more accessible and modifying liens will take a struggling business only so far. Once you're in the IRS's back tax sights, you're in trouble.

If you are having trouble keeping up with your business taxes, call an Atlanta back tax attorney today to devise a plan for your unique situation.

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