Liberty Financial Solutions, LLC: We worry about the IRS so you don't have to...
Owe Back Taxes? Actionable Steps for Facing IRS Debt (Part 2).
Owe Back Taxes?
Entrepreneurship can be hard. Some years are good, others are not so great. But every year, like clockwork, the IRS comes calling.
Small businesses often face unexpected financial challenges. Among the scariest of these challenges is unpaid taxes. Although the IRS may appear patient initially, resting on one's laurels can be a perilous decision. Once the IRS gears into action, they're known for their relentless pursuit and uncompromising measures. They are the most brutal collection agency on the planet.
So, if you find your business in this situation, it's paramount to be proactive. Here's a few tips to help you correct the course.
Note: If the IRS is claiming you owe $10,000 or more, contact our firm immediately for a consultation and learn about your tax debt relief options. Call us today at 817.995.5008 or email us at info@libertytaxdefenders.com.
Tip #1 - Offer In Compromise (OIC)
In specific circumstances, the IRS might accept a reduced amount to settle the entire debt. Known as an Offer in Compromise. This option is contingent on demonstrating you cannot pay the full tax liability over the remaining 10-year collection statute. The right tax resolution firm will help you explore this option if you’re qualified for the program.
Tip #2 - Temporarily Delay the Collection
If your business is in a dire financial situation, the IRS might temporarily delay their collection efforts. While this offers a short-term reprieve, it's essential to use this time wisely and strategize a long-term solution.
Tip #3 - Seek Professional Assistance
Engaging with a tax resolution firm can be invaluable. They can guide you through the intricacies of tax laws, help keep your business open, negotiate with the IRS on your behalf, and help formulate a plan tailored to your unique circumstances.
Tip #4 - Preventative Measures
While addressing current unpaid taxes is vital, implementing systems to avoid future discrepancies is equally crucial. Regularly review your finances, maintain clear records, and stay updated with tax regulations. Make quarterly estimated payments and be proactive throughout that year by creating a concrete plan with your qualified tax resolution professional.
In Summary
While addressing current unpaid taxes is vital, implementing systems to avoid future discrepancies is equally crucial. Regularly review your finances, maintain clear records, and stay updated with tax regulations. Make quarterly estimated payments and be proactive throughout that year by creating a concrete plan with your qualified tax resolution professional.
Unpaid taxes are a looming storm cloud for any small business owner. While the IRS might seem lenient initially, their eventual intervention can be formidable. By acknowledging the debt, communicating promptly, understanding your options, and seeking professional guidance, you can navigate these challenges effectively. Remember, in the realm of taxes, proactive action is always better than reactive measures.
If you're facing IRS problems and owe $10,000 or more in back taxes or are being audited, reach out to our tax resolution firm, and we'll schedule a free and confidential consultation to explain your options thoroughly and help you permanently resolve your tax problem www.libertytaxdefenders.com.
Cheers!
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