Business Tax Relief
The types of taxes involved in running a business, even a small business, are numerous and make keeping track of it all a difficult task. The IRS collects 940 and 941 payroll taxes, 1120 corporate income, and federal excise taxes, among others. Most states have their own version of IRS taxes in addition to their own types of taxes like sales tax, withholding, unemployment, and more. This makes it hard to keep up and easy to fall behind.
Business Tax Relief Experts
Because the government has vast power to seize bank accounts and assets, it is especially important for a business behind on taxes to get professional help. Every day we receive calls from business owners who have found their bank accounts literally empty from a bank levy. There are so many ways for a business to fall behind on taxes that we have made business tax relief our specialty. While we do handle personal tax problems as well, 80% of the work we do at Larson Tax Relief is the more complicated 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 are very effective at saving you money while minimizing stress.
IRS and State Business Taxes
We all know that the IRS is aggressive in collecting its tax money. All 50 states are very aggressive as well but often move quicker than the IRS in filing tax liens, levying bank accounts, and going after your receivables. Business tax relief strategies become even more complicated when both the IRS and state are looking to collect. Each taxing authority is in a race against the other to collect money from a business with limited funds.
If you have a state tax issue, are missing returns, or already dealing with bank levies or receivable garnishments, seeking expert help from a licensed Enrolled Agent is the best first step in fixing your issues. Negotiating with government taxing authorities makes for a poor “do it yourself” project. The difference between having an expert help you, or doing it yourself, could be the difference between you being in business a year from now, or not.
Priority One: Stopping Aggressive Enforced Collections such as Bank Levies and Receivable Garnishments
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, aka Trust Fund Recovery Penalty
- 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:
- Every day 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. Every day 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 your business has minimal assets and income, you may qualify for the IRS’s Offer in Compromise program. The process is quite lengthy and complicated, and each state may or may not accept similar offers depending on which types of taxes are owed. We can tell you which will.
- Corporate Formation or Shutdown:
- Starting a new corporation with a new tax ID number, new identity, and a fresh start may make sense. If this is very complicated and must be done correctly the first time or all prior liabilities will follow you personally and to the new business.
- Sometimes it is the closure of a corporate entity provides the most tax-saving benefit. With specific types of IRS tax, doing things in the proper order and acquiring the necessary documentation and releases from the government can be very helpful.