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What Are The Dangers Of Falling Behind On Business Taxes?

The IRS has the strongest powers of any creditor to collect debts owed to it. If you don’t file your tax returns and/or don’t pay the tax when due, it is a crime. The IRS has the authority to take your business assets, require that your customers pay their outstanding balances to the IRS, force the sale of the business, or other methods that could cause the business to shut down.

What Is The Penalty For Not Filing Business Taxes Or Filing Late And Being Unable To Pay?

Depending on the type of tax, most business taxes that are not paid come with a 100% penalty. For example, if you don’t pay the payroll tax of $10,000, you owe an additional $10,000 in penalties and it will incur interest.

What Are Options To Resolve My Tax Issues As A Small Business Owner?

Various options exist to resolve your tax issues if you contact that correct tax resolution professional. Payment agreements including reduced amounts owed while having the ability to operate your business while proper arrangements are made and taxes paid. Maybe the business is closed and the debt is currently noncollectible (CNC).

If My Small Business Owes Taxes, How Should I Handle The IRS?

Contact a tax resolution pro immediately.

Should I Cooperate And Provide The IRS With Any Financial Information The IRS Collector Asks For?

Once you have a tax resolution pro, you will be guided by that pro as to the steps to take.

The IRS Is Threatening To Take My Business If I Don’t Get Caught Up With My Taxes. Is That Something They Can Actually Do?

They have broad power to seize assets including business assets that other creditors do not. Don’t let that happen, contact a tax resolution pro today.

Does The IRS Offer Payment Plans For Businesses?

Yes. That is often the best solution.

Are There Offer In Compromise Agreements Available For Small Businesses?


What Is “Uncollectible” Status? Can I Use It?

Currently non collectible (CNC) means your current finances are such that you are unable to pay your debt. You might qualify for CNC.

Is Bankruptcy An Option To Consider For My Small Business Tax Debt?

Not likely, you will typically still owe the taxes if you file bankruptcy. There are some exceptions depending on the facts of your situation.

Can We Verify The Amount The IRS Says My Small Business Owes?

Yes. If the IRS got it wrong, it is important to dispute it and figure out the correct amount

Will The IRS Be Willing To Work With Us If We Haven Filed Our Taxes For Several Years?

You must be current on tax filings in order to work something out with the IRS. Therefore, part of the resolution process will be to file the back returns.

What Can My Tax Attorney Do To Help My Small Business?

The tax attorney is able to walk you through the process, guide you as to what you should and should not do, work with the IRS to come up with the correct amount of taxes owed, work out a resolution to pay the tax at a reduced rate or in full, help you keep the business/personal assets and help to keep your business operating while the process unfolds.

For more information on Small Business Tax Resolution In Ohio, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (937) 247-6447 today.

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