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Article Directory :: Finance & Investment Articles
An IRS debt attorney is a dedicated professional who has extensive knowledge and experience in the area of negotiating tax settlements. Businesses have special issues related to taxes that individuals don't face. For example, businesses are the front line wealth collectors which conveys a heavy responsibility within a bureaucratic system.
Padlocked Doors
One of the saddest sights you can see in this country is a business that's been virtually ransacked by the IRS and the door padlocked. When a business collects employee taxes and then fails to remit those taxes to the IRS, the collection process kicks into gear swiftly. One reason for this is the fact that the income portion of the withholding actually came from wage earner checks and not from business profits.
One of the most common tax problems businesses face is failure to pay taxes due to the IRS on a quarterly basis. In addition, businesses are required to file a number of reporting forms. Every deposit not made and every form not filed can result in penalties and interest being charged.
Failure to remit taxes is a serious problem, and it's also like an avalanche. Once a business falls behind, it's hard to catch up. There are different types of taxation such as income, social security, unemployment and business taxes which need to be paid regularly. The forms are complicated to make matters worse. Businesses make mistakes on the forms which create another tax problem.
An IRS debt attorney is a valuable resource for dealing with problems related to businesses. A typical small business has over 200 IRS compliance requirements which can trip up a business at any time. When mistakes are made or taxes are not remitted in a timely manner, retribution by the IRS can be swift and expensive.
Finding the Padlock Key
One of the main bargaining points a business has during negotiations with the IRS is the fact that by staying open there's hope of paying back the owed dues plus accruing additional future taxes. An IRS debt attorney can present a plan for payback that enables the business to continue operating. In this way employees don't lose their job and the IRS gets their money.
Such negotiations can be quite sensitive though. The business has already lost credibility in the eyes of the IRS for failure to remit taxes held in trust. The best hope for restoring that trust is through the intervention of an intermediary such as an IRS debt attorney.
An IRS debt attorney can work out a settlement or payback plan or get penalties abated by showing there was reasonable cause for failure to pay. The attorney is familiar with all the options for tax negotiation and can get the best compromise offer possible. If you have a business with taxation problems, it's important to get assistance immediately so resolution can be found as early as possible.
William McConnaughy, CPA is a tax negotiation professional. He has experience working with people seeking tax relief and credit repair. For more information visit his tax relief website.
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