There are so many cases in the United States, especially over the past decade, where small business owners are not paying their taxes at the appropriate time. While we always jump to the worst conclusions about individuals and businesses that do not pay taxes, it is important to understand that most people in such a situation do not have malicious intentions. We understand why some business owners neglect to pay their taxes. Perhaps their business went through a slump, and instead of paying their taxes, they paid the vendors and employees to whom they owed money.
But now you may find yourself in a situation where you have received a letter from the IRS regarding the back taxes you owe. Or perhaps you are worried about an impending letter in the coming tax season. In either situation, our firm is able to provide assistance when it comes to tax debt relief. As long as you are willing to help yourself, we have the tax relief experts on our payroll who can provide you with the right guidance and services to set things right between your business and the IRS.
While you may not have known about it, the IRS has the power to do serious damage to your business if they feel as though you are continuously failing to pay your taxes on time and in the full amount. It is one thing to neglect to pay taxes in a given year, but repeat offenses are not looked on so kindly. It is why our tax relief help services focus on making sure you are getting current with all the back taxes you owe. It is the best way to make sure the IRS does not take any punitive action against your business.
What Can the IRS Do?
If you fail to pay taxes for a few years in a row, or even for one or two years, the IRS is within their rights to seize your business assets as they see fit. They will seize these assets, sell them off and use the proceeds to recoup the tax money you owe them. But first, they will seize all your personal and business-related bank accounts in a bid to get the money. The last thing you want is for the IRS to take these steps, because there is often no going back when they have put a lien on your assets or frozen your bank accounts.
What you will want to do is take advantage of the tax relief the IRS provides to business owners who owe back taxes. And our firm is delighted to help business with the tax relief IRS specifics as they pertain to each situation. We will sit with small business owners, go over their financials and figure out the best way to pay back the taxes that are owed. In some cases, all the taxes are paid within one cycle. But there are cases where we would help the business owner negotiate a back tax deal with the IRS, where the back taxes are paid over a period of a few years.