When a business falls behind with IRS or state taxes, it is a very serious problem and must be treated as such. If not dealt with quickly and appropriately, the taxing authorities can, and often will, issue bank levies and accounts receivable levies, which can prevent a business from meeting necessary operating expenses, such as payroll, or cripple a business to the point where it must close its doors. In aggravated cases, the taxing authorities can padlock the business and/or seize its assets. Depending upon the type of tax, the taxing authorities may also pursue the responsible individual or individuals for payment of some or all of the unpaid tax liability.
While Fortress resolves both business and individual tax liabilities, the bulk of our practice has always been representing businesses. This is important because business taxes tend to be more difficult to resolve than individual taxes, and the stakes are higher. A tax pro with experience representing primarily individuals is ill prepared to tackle a business tax liability. Conversely, a tax pro with experience representing businesses can handle an individual tax liability with relative ease.
Our staff has extensive experience handling business tax liabilities and, depending upon the circumstances, may be able to:
- Settle the business tax debt for significantly less than the full amount;
- Reduce or eliminate penalties;
- Prevent the filing of a tax lien or secure the withdrawal or release of one that was previously filed;
- Provide a quality of representation that is superior to that of most accountants who often have very little experience resolving tax debts (which is the only thing we do). We’ve had many CPAs hire us to resolve their own unpaid taxes;
- Set up affordable repayment or settlement terms—getting affordable monthly payments can be a lot more difficult than it sounds when it comes to a business tax debt
- Assist the business in implementing better tax practices, thereby preventing or minimizing future tax debts;
- Prevent non-responsible individuals from being held personally liable for some or all of the business tax liability;
- Release levies and garnishments;
- Prevent enforced collections;
- Assist in restructuring the business such that the amount of money that must be repaid to the taxing authorities is minimized or even eliminated;
- Buy time free from enforcement while the business gets into compliance with the tax laws and becomes eligible for tax resolution programs
- Appeal adverse decisions made by the taxing authorities and secure results that are favorable to the business taxpayer.
If your business owes taxes, don’t wait to pick up the phone. Waiting can cause valuable appeal rights to lapse, and often will make the problem more difficult and expensive to fix. We’ll be happy to evaluate your situation and tell you if and how we can help. The call is free, and the chances are good that you will learn something valuable even if you choose not to work with us.
As an attorney who makes his living resolving tax liabilities, the majority of my clients are businesses that have accrued 941 employment tax liability. There are numerous reasons as to why a business accrues a 941 tax liability. These reasons range from mere lack of funds resulting from both internal and external issues to simply
One of the most frustrating situations my clients confront is the IRS’s addition of large amounts of tax or Civil Penalties to tax periods that ended a long time ago. There can be several reasons for additions to tax or Civil Penalties, but the most common ones I encounter are reporting and reconciliation deficiencies across
Starting a new business comes with an enormous amount of responsibilities. One of the most commonly overlooked, though, is the responsibility to learn how, when, and why to report different types of taxes the business may be obligated to pay and file. Payroll taxes, also known as employer withholding taxes or 941 taxes, are among