Corporation Doesn’t Get Economic Hardship Relief
An individual who is subject to levy by the IRS can obtain economic hardship relief. The Tax Court said this can’t be done by a corporation. In the case, a nursing home argued for a stay of collection because the levy would cause economic hardship on it, but the court rejected it. The relief is intended to avoid “severe discomfort or lack of the necessities of life,” so it only applies to individuals.
New blog post today! Advancing Funds to Your Corporation: Loans or Capital Contributions?