IRS Took $150K Overnight from Contractor
"So the biggest mistake a contractor can make is thinking that an IRS notice, an IRS bill is just like another debt notice. And it's not, a supplier can call you, a lender can pressure you, a credit card company can send letters, but the IRS has collection powers that most creditors do not have. They can freeze bankers, they can intercept payments, they can file liens, they can put pressure on your business. Even when cashflow is tight, I literally had a contractor client, they just swooped $150,000 out of his account and the guy had to make payroll like the next day. And for contractors in general, so cashflow is everything. You may have crews to pay, materials to buy, equipment loans, insurance, payroll taxes, subs to pay, jobs already in progress. So when the IRS hits your cashflow, it doesn't just create stress. It can stop the business from functioning entirely."
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IRS Took $150K Overnight from Contractor
