When dealing with the IRS, set up a payment plan -- or else

06/21/2011 | Bloomberg Businessweek

Run-ins with the Internal Revenue Service can be especially costly to small businesses because the agency is entitled to raid your bank account of the funds you keep on hand for cash-flow emergencies. The good news: The IRS rarely resorts to such measures if taxpayers set up a payment plan to satisfy their debt in a "reasonable" time, which is typically 15 months or less.

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