April 19, 2012

Who is better positioned than enrolled agents to express an opinion on levies against small businesses than enrolled agents, America’s tax experts? NAEA is pleased to support HR 4368, The Small Business Tax Levy Relief Bill of 2012, introduced on April 17, 2012 by House Ways & Means Committee member Jim McDermott. The bill permits IRS, at its discretion, to release a levy against a taxpayer’s property or rights to property if IRS determines satisfying the levy will create an economic hardship due to the financial condition of the taxpayer’s business; and, requires IRS, in making the determination, to consider the economic viability of the business, the nature and extent of the hardship, and the potential harm to individuals if the business is liquidated.

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