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    1 Reply Latest reply on Mar 2, 2010 11:50 AM by wQk3.H.o

    Owe payroll taxes-IRS or Bank get A/R's

    LaurieMit Newbie
      We own a small trucking company and have been in business for three years. Due to the current economy we made the mistake of falling one quarter behind on payroll taxes but have never been behind before. We are surviving week to week. If we go under - can the IRS take our A/R's to cover back payroll taxes if they are listed as collateral on the bank note? Does the IRS trump the bank note? I have written the IRS about our situation and the penalties being removed but I do know we must get payroll taxes current. We are considering parking the trucks and letting all the drivers go, so any payments that come in can be paid to the IRS for back payroll taxes.