Owe Back Taxes as an Individual vs. Business: What's Different? Introduction Are you facing the daunting task of dealing with back taxes? It's important to understand that owing back taxes as an individual is quite different from owing them as a business. This distinction can have significant implications for your financial situation and the way in which you navigate the complex world of taxation. If you have IRS back taxes owed , it is critical to address the situation promptly and properly. Furthermore, the IRS has different strategies in place for collecting back taxes owed by individuals and businesses. They have more flexible options for individuals, such as installment agreements and negotiation of reduced settlement amounts. On the other hand, they can take more aggressive actions against businesses, such as garnishing their revenues or levying their assets. To fully understand your rights and obligations in dealing with back taxes, it's crucial to consult with a...