Resolve IRS Unpaid Payroll Taxes – Settle Small Business Tax
Resolving the issues that arise from being delinquent on Business Payroll Taxes is no easy task. However, in the mid 90s provisions were added to the Taxpayer’s Bill of Rights. They were designed to help Small Businesses that were just starting out. Do not be intimidated by daunting Tax Laws. You still have your Taxpayer Rights.
Appeal Payroll Taxes
Many Business Owners are unaware that they still have rights as Taxpayers. You have 60 days from when you get notice from the IRS to file an appeal. Appealing will buy you time, but it’s not a permanent solution. However, the extra time will allow you to consult with a Tax Professional or seek Professional advice.
First-Time IRS Offenders
There’s a law in the Taxpayer’s Bill of Rights designed to help fledgling Small Businesses. According to this law, the IRS can forgive the harsh penalties imposed when Small Business owners fail to deposit payroll taxes on time. But this only applies if you are a first time offender. The IRS can also abate penalties applied for sending the payments directly to the IRS instead of depositing it to the correct bank.
The truth of the matter is, Appeals rarely work. And even if you’re a first-time offender, penalties and debt imposed by the IRS may not be forgiven. When this is the case, it is important to pay off the Tax Debt as soon as possible. If the debt is not paid off in a timely manner, the interest accrued every month can double or even triple the debt. If the option of paying off the Tax Debt in full exists, it’s imperative to act on it and pay it off as a priority.
There are many land mines that come with the otherwise relative independence of being a business owner. It’s a good idea to hire Bookkeepers and Accountants to help relieve the stress and burden of dealing with IRS Issues. And if all else fails, you can seek advice from a tax professional.
Business Solutions and Related Topics
Business Tax Relief
Connect with a tax professional to help resolve IRS and State tax problems.
IRS Trust Fund Recovery Penalty
The trust fund recovery penalty (TFRP) is a strict tax penalty created to encourage businesses to pay their federal withholding taxes in a timely manner. Understand how this penalty works, how to avoid it, and how to get back into compliance if you have been hit with it.
Consequences of Delinquent Business Payroll Taxes
Not keeping payroll taxes as a priority for a small business can lead to some severe consequences with the IRS. Understand what these consequences are and what you can do to avoid them.
Common Small Business Tax Problems
Business taxes can be complicated, which is the reason many business owners do run into tax problems. Here is an overview of common small business tax problems as well as solutions to many of them.