Business Tax Relief

pile of tax forms

Increases in taxes and regulations conspire to make running a business an increasingly difficult task. The IRS has 941 payroll taxes, estimated taxes, and yearly tax filings. Many states have variations on these taxes and also taxes for such as unemployment, sales, use, and other excise taxes. It's easy to fall behind in filings and payments

Business Tax Relief Experts

Because there are so many ways for a business to fall behind in taxes, business tax relief is our specialty. While we handle personal tax problems as well, 90% of the work we do at Larson Tax Relief is the more complicated and higher stakes work of business tax relief.

We work 100% with the collection division, protecting our clients assets from collections and seizure, giving distance and time to formulate a winning strategy. We strive to save you both stress and money, and we are very effective at this.

IRS vs State Business Taxes

Some states base their tax code on the IRS and all states piggyback to some degree on the IRS's tax returns as a basis for determining tax liabilities. Like the IRS, many states are very aggressive in enforced collections and are quick to issue tax liens and levy bank accounts. Business tax relief strategies become even more complicated when both the IRS and state are looking to collect money from a business. For the taxing authority, it's a race to collect a finite money from a business.

If you have a state tax issue, from unfiled tax returns to a bank levies or wage garnishments, seeking professional advice from a licensed Enrolled Agent or other tax licensed tax relief professional is a wise first step to formulating your plan. Tax negotiations are a very bad "do it yourself" project. Penalties and interest can rack up faster than a bad credit card.

Priority One: Stopping Aggressive Enforced Collections such as Bank Levies and Tax Liens

Common IRS Business Tax Types and Issues

Business tax relief types and issues:

  • 941 payroll
  • 1040 Personal Taxes for sole proprietorships and single member LLCs
  • 1058, CP 90, CP 91, and CP 504 Levy Enforcements
  • Accounts Receivable Levies
  • 1099 and worker classification issues
  • Civil Penalties for Trust Fund
  • Unfiled Tax Returns
  • SFR - Substitution for Return (essentially the IRS files for you)
  • Seizure of IRS or state tax refunds
  • Tax Liens
  • Conflicts with Revenue Officer

Common State Tax Types and Issues

We deal with a wide range of State tax types and issues:

  • Withholding taxes and missing returns
  • Personal income taxes for sole proprietorships and single member LLCs
  • Bank levies
  • Accounts Receivable levies
  • Wage garnishments
  • Unemployment taxes and missing returns
  • Workers compensation
  • Use taxes
  • Franchise taxes
  • Tax lien issues
  • Liquor Licenses and Taxes

Business Tax Relief Options

Because there are so many factors involved in business taxes, from assets to cash flow to ownership and responsible fiduciary questions, it's impossible to determine what strategy is best for you and your business without a conversation with a tax relief professional. That being said, the following is a list of potential options for resolving your business tax issue.

Installment Agreements:
Most of our clients can't pay all of their business taxes in the time frame or amounts that the IRS or state is demanding. We will get you the terms that you want and need.
Levy Reversals:
Everyday the IRS and state taxing authorities literally empty money out of business's bank accounts, often crippling their ability to pay bills and make payroll. Everyday we are helping keep business open by halting or reversing bank levies. It's best to proactively avoid them of course.
Tax Liens:
When the IRS or state files a tax lien on your business it's a matter of public record, and that can be bad for business. By getting ahead of the tax issue, we can often prevent tax liens. We may have a tax lien removed for business property transactions as well.
Offer in Compromise:
If you have closed or decide to close your business, you may qualify for the IRS's Offer in Compromise, the "Pennies on the Dollar" settlement. The paperwork is always difficult and not all states offer a program like the IRS does.
The closure of a corporate entity sometimes makes the most sense, saving you substantial amounts of money while you open a new business entity that is free of debt.
Corporate Formation:
Starting a new corporation with a new tax ID number, new identity, and a fresh start may make sense. This is very complicated and must be done exactly correctly the first time or the debt can transfer to you and the new business, putting you back to square-one.

We strive to save our clients money and time, while alleviating stress.  Just as there are many different tax related problems, there are many options for tax resolution.  Call us at 888-589-0955 for a free consultation. In a few minutes we will help you to better assess what options are best for your unique situation.