If you have a business IRS problem, you may be feeling completely overwhelmed. The IRS is not an entity to be taken lightly. Depending on the extent of your problems, you could even be put out of business altogether. What you need to know is that business IRS problems can be resolved. With the help of proper legal guidance, your business IRS problems could be a thing of the past.
What Kind of Business IRS Problems Are There?
The IRS takes your business responsibilities very seriously. As such, there are many ways in which a business can end up with IRS problems. These include things such as:
- Failing to file 941s in a timely manner
- Inaccurately reporting employees as independent contractors
- Overstating/understating business income/expenses
- Reporting fraudulent deductions
- Ignoring judgments regarding wage garnishments
- And much more
Can Business IRS Problems Be Resolved?
Despite all the ways in which a business can get in trouble with the IRS, there is always a way for business IRS problems to be resolved. The IRS itself provides resources to help business owners learn about options for resolving problems. Of course, business IRS problems are rarely easy to solve. The tax code is very long and complex. To top it off, the tax code can be open to interpretation in some cases. To protect your business interests, the best course of action is to consult with a qualified business tax consultant to help solve your business IRS problems. It’s never a good idea to deal with the IRS on your own.
How to Resolve Your Business IRS Problem
Depending on the trouble you’ve gotten into with your business and the IRS, there are many things you can do to resolve the issue.
- At the first sign from the IRS that there’s a problem, consult with a business tax professional. Show them the notification from the IRS so they can evaluate the issue.
- Be prepared with your records. Gather all the records you can from the tax year in question. You will need them for your business tax professional as well as for the IRS.
- On the advice of your tax professional, provide an answer to the IRS along with supporting evidence, if any.
- If a tax audit is scheduled, your business tax professional can be on hand to help navigate through this process.
To avoid business IRS trouble in the future, have all your business accounting handled by a professional business tax consultant. For more information and assistance regarding dealings with the IRS, please contact us today.