Financial Statement preparation for small business clients is a long-standing service of this firm. Depending on the client's needs, monthly, quarterly and year-end balance sheet and detailed operating statements can be prepared and analyzed on a timely basis. The state-of-the-art accounting software used in our office can provide helpful comparisons and calculations for effective, practical business analysis.
Accounting and bookkeeping services are available for businesses of all sizes. Computerized accounts are prepared, saved and presented for client review on a quarterly, monthly, and/or annual basis. Budgeting and forecasting support are also available.
It can happen by accident. You may not have withheld enough from your paycheck in the past year and wind up with a whopper of a tax bill in April. It could be you came into some money, spent it, and didn’t realize that a big chunk of it was owed to the IRS in taxes.
If your debt has been piling up for a while, it can be overwhelming and extremely stressful. You might feel stuck or frozen, not knowing what you should do or how you are going to get out of your situation. But the worst thing you can do is nothing. The penalties and interest just keep adding up, sinking you further and further into trouble.
The IRS takes their money seriously! They will seek every legal way to collect the money they are owed. They can seize your assets, freeze your bank account, garnish your paycheck, and even restrict your passport. They can file levies and liens on your property. We hope this hasn’t happened to you yet, but it will if you don’t act fast enough.
Failure to Pay Taxes
If you owe money to the IRS but can’t pay, there are several options available to you depending on your circumstances. One of the most important things is to start paying you current taxes first. You must be all caught up with filing your income tax returns and paying your current taxes before most of these remedies are available to you.
Here are some of the options the IRS provides to taxpayers who owe money. Whether these are applicable to you depends on your circumstances.
This is where you work out a payment arrangement with the IRS. There are several forms of agreements, including regular, partial-pay, and streamlined. Which one you should use is highly dependent upon your current financial situation and the amount you owe.
An offer in compromise is where the IRS agrees to accept less than the full amount owed. The IRS does not have to accept an Offer, but if the Offer is presented so that it meets the IRS guidelines, it increases the chance that the IRS accepts the Offer to resolve the outstanding balance.
Not all tax professionals know the ins and outs of preparing an Offer that has a good chance of getting accepted. It’s important to look for a professional who has an excellent track record of getting Offers accepted by the IRS.
This status allows you to defer your debt. The debt does not go away; you still owe the IRS money. But you’ll stop the process of getting your bank accounts levied or other collection efforts if you are granted this status. This often happens when you don’t have enough income to cover your current living expenses. Once your income rises, the IRS will re-evaluate your situation.
Bankruptcy can be extremely useful to stop IRS collection efforts, potentially discharge income taxes that are old enough, and force repayment plans on an otherwise unwilling IRS. Tax penalties may also be discharged through the bankruptcy. Since this is such a complex area, your best bet is to consult with several professionals – an accountant, a tax resolution professional, and an attorney that is expert at bankruptcy issues.
Getting Help
A tax resolution professional can help you:
Solutions for Resolving Your IRS Debt
Contact us at no obligation to you so we can understand your specific tax situation and provide advice on the options available to you. Your tax issue is handled with the utmost confidentiality and privacy.
Sometimes life gets in the way. You’re busy or have experienced a divorce, illness, job loss, or death in your family that sidetracked you from filing your tax return on time. Or you could just be overwhelmed with the whole process of filing your taxes. Perhaps you don’t have the money to pay your taxes and thought you should wait to file (this is NOT a good idea).
You may also have a special situation with your spouse if they promised to file and didn’t or they don’t file correctly or they don’t pay. In some cases, you can claim that you were the “innocent spouse” and get your account corrected.
Whatever your situation, we are here for you when you are ready to get caught up, and the sooner, the better. We can help you relieve that huge psychological burden so you feel lighter and free from all that stress.
Failure to File Your Tax Return(s)
The IRS is very aggressive about coming after non-filers and non-payers. So even if you don’t owe that much, you’ll want to file immediately to stop the penalties and interest from adding up.
IRS debt can add up fast. There’s a failure to file penalty, interest on the late taxes, and the taxes themselves. The failure to file penalty can be as much as 25 percent, so that’s a debt you don’t want to have pile up on you.
The most important thing about filing back taxes is to get them filed as soon as possible, whether you can pay them or not. Filing back tax returns will stop the failure to file penalty and is your first step back to compliance.
The IRS will prepare a return for you, but you might not like the result. You are better off hiring a tax professional to get you caught up and to represent your case before the IRS to work out a way to pay your back taxes that won’t leave you bankrupt or suffering financially.
We know many national chains out there would like to help you with your tax problems, but wouldn’t it be better to hire a local tax professional in your community?
A tax professional can help you:
Solutions for Your Delinquent Income Tax Return Filings Contact us at no obligation to you so we can understand your tax situation and advise you on the options available. Your tax issue is handled with the utmost confidentiality and privacy.
You have a good business, but sometimes your cash flow gets a little low, and the payroll tax deposit isn’t made on time. Or maybe you just got busy and missed your quarterly payroll tax return filings.
Whatever the reason, you’re now behind in your payroll tax filings, payments, or both.
You might feel like you’re temporarily borrowing money from the IRS until your business gets back on track, but the IRS doesn’t see it that way. The IRS takes unpaid payroll tax payments more seriously than any other tax problem.
Being Late on Paying Payroll Taxes Is Serious
To the IRS, a late payroll tax payment is considered stealing money from the government, and they have put some teeth behind enforcement. The most important thing you can do is to get help from a tax representation professional as soon as possible.
Penalties can add up fast. There’s a failure to file penalty, a Trust Fund Recovery Penalty, interest on the delinquent taxes, and the taxes themselves. It can be easy to get into a hole fast with back payroll taxes due. Plus, it’s taxing your peace of mind to have this weighing you down.
The Internal Revenue Service, state tax agencies, and local entities will send a letter if one of the following happens:
If you don’t respond to the IRS letters, the IRS and other tax agencies can and will apply liens, levies, garnishments, and seizures to collect payment. You don’t want it to escalate to this level.
Getting a tax professional working on your payroll tax problem is a great idea. They can help you:
Responsible Person
If you worked for a company that did not file their payroll tax returns or pay their payroll taxes on time, the IRS may have designated you as a “responsible person.” Do NOT ignore this correspondence!
The IRS aggressively goes after anyone they can regarding payroll taxes, even if you’re not the business owner. If you have a relationship with a business of a particular status, duty, and authority, the IRS can blame you for not paying payroll taxes. And in this case, you are guilty before proven innocent.
Contacting a tax representation professional who can argue your case and get your “responsible person” status dropped is best.
Solutions for Your Payroll Tax Challenges
Please contact us without obligation so we can understand your specific payroll tax situation and let you know of any available options. Your tax issue is handled with the utmost confidentiality and privacy.