Legal Question in Business Law in Virginia
i own a business and i have a personal saftey deposit box with me and girlfriend's name on it.if my irs froze my business accounts due to a audit would irs be able to freeze the deposit box also
2 Answers from Attorneys
Unless the safety deposit box were in your possession (rather than the bank's), the answer would most likely be, yes.
As a franchise attorney, my take is if the IRS freezes your business accounts, this should not affect a safety deposit box that is held personally and not connected to any business account. Especially if the safety deposit box, for example, was located in a different bank. A freeze is normally limited to what the IRS is pursing, which in this case seems to be business accounts. They would not have the info to freeze a safety deposit box in another bank. That's how it works. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
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