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.
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.
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).
Contact a tax resolution pro immediately.
Once you have a tax resolution pro, you will be guided by that pro as to the steps to take.
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.
Yes. That is often the best solution.
Yes.
Currently non collectible (CNC) means your current finances are such that you are unable to pay your debt. You might qualify for CNC.
Not likely, you will typically still owe the taxes if you file bankruptcy. There are some exceptions depending on the facts of your situation.
Yes. If the IRS got it wrong, it is important to dispute it and figure out the correct amount
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.
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.