Business Tax & IRS IssuesHELP WITH BUSINESS TAX DEBT
SIDESTEP THE STRESS OF BUSINESS TAX DEBT
If you have landed on this page, you may already know how serious dealing with business tax debt can be. While hundreds of thousands of Americans deal with individual tax debt every year, business tax debt is an entirely different scenario. This is because while unpaid tax debt on an individual level is supposed to be collected in such a way that the individuals repaying the debt can still afford to pay their bills and meet their household’s basic expenses, on the other hand businesses have no such concerns.
Business tax debt is pursued much more aggressively. If you are dealing with this scenario, you may think of this as a gross understatement. Tax collectors are supposed to offer mercy and understanding to individuals, especially those with families to provide for. In the case of businesses, however, those circumstances being absent means that the resulting compassion is also not present. As such, tax collectors pursuing business tax debt can be downright ruthless.
It is no wonder so many struggling business owners seek professional guidance when it comes to these debts. It can be very confusing and stressful to deal with any type of tax debt, but business debts are more serious. They can lead to the loss of a person’s livelihood – as well as the need to terminate employees, liquidate assets, and more. Without knowledgeable legal guidance, these debts can wreak havoc on the lives of everyone involved with your company – but it does not have to!
FREQUENTLY ASKED QUESTIONS
WHEN SHOULD A BUSINESS SEEK HELP WITH BUSINESS TAX DEBT?
Business tax debt should be considered serious if the liability exceeds $10,000 and/or the business is in such a state that the owner cannot pay current taxes as they come due.
WHEN ELSE IS DEBT RELIEF OR GUIDANCE RECOMMENDED?
A business may also consider seeking help if the owners and operators are both unable to meet current financial obligations and project that they will be unable to meet these obligations moving forward, such as over 24 months.
WHAT IF MY BUSINESS DOESN’T MEET THESE GUIDELINES?
If you feel that your business is struggling to meet current and near-future tax obligations – such as payroll tax, sales tax, etc. – it may be a good idea to seek legal guidance. Your attorney may be able to help you avoid tax trouble before it starts – or stop it before it gets any worse.
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