We can help your business resolve outstanding tax liabilities efficiently and successfully. Our accountants, bookkeepers, and tax specialists have assisted clients for years in finding the best plan of action to resolve any tax problems they may be facing. Our intention is to always take control of your tax situation by addressing it directly. Tax penalties for businesses can be the difference between closure or long term success. Business liens can be levied against your company if your tax situation isn't addressed.
SOME OF THE METHODS FOR RESOLVING AN OUTSTANDING TAX LIABILITY ARE DESCRIBED BELOW:
Pay Tax Balance Completely
The quickest way to conclude your business issues with the IRS is to pay your balance in full. If your business doesn't have available funds, you might be able to resolve your balance of back taxes through a loan or line of credit.
Tax Extension Request
If your company will be able to pay the existing taxes owed within 120 days, you can apply to receive a short term tax extension. Your taxes will still continue to accrue interest, but there will be no additional penalties assessed and collection activities will be held during the period of extension.
Penalty Waiver Request
If your business can provide evidence that circumstances beyond your control caused you to miss your tax obligations, you may apply for a Penalty Waiver. This tax settlement policy is used with the IRS or California State Tax Agency and can eliminate or reduce tax penalties that had been previously assessed.
Negotiate an Installment Agreement
When sufficient funds are not readily available to pay the full balance of an outstanding tax liability at one time, a business may apply for a tax settlement option called an Installment Agreement. This allows a business to pay a back tax balance over time, with the amount and timing of the payments determined by the tax amount due and the financial situation of the business in question.
Negotiate a Partial Payment Installment Agreement
If a business is able to show that it will be unable to pay the full balance of a tax debt at any time in the near future, they may qualify for a Partial Payment Installment Agreement. This is a tax settlement agreement whereby the collecting tax agency agrees to settle a back tax balance for less than the full amount owed.
If your business has an outstanding tax liability, the professionals at Los Angeles Bookkeeping will help you resolve it. Our expert team has extensive tax settlement experience and will use it to help your company negotiate the best tax settlement option available for your company’s specific set of financial circumstances.