As specialists in tax debt relief, Instant Tax Solutions sees business owners who run into trouble with the IRS due to back payroll taxes or other payroll tax related issues. Recently Information Nation spoke with Instant Tax Solutions about this very important issue.
Information Nation:Thank you for speaking with us today.
Instant Tax Solutions:Our pleasure.
Information Nation:What happens when businesses fail to pay their taxes?
Instant Tax Solutions:The IRS comes in and the business owner can find himself or herself in deep trouble.
Information Nation:Lots of fines and penalties, right?
Instant Tax Solutions:Yes, but it can be much more than that. It may be considered a Federal crime.
Information Nation: That sounds serious.
Instant Tax Solutions:Yes. Since the IRS sees it as a Trust Tax, they take swift and severe action when it appears payments have been missed.
Information Nation:So, simply failing to file one form can be that devastating?
Instant Tax Solutions:Absolutely. Failure to report leads the IRS to believe that the business has failed to set aside the funds. It’s considered theft on a grand scale.
Information Nation:Well, what happens to companies that continually fail to file?
Instant Tax Solutions:They can get shut down, for one. The IRS generally doesn’t wait around for them to get even further behind.
Information Nation:What should a business owner do if they have failed to remit the form and/or pay the taxes?
Instant Tax Solutions:Immediately call an experienced tax attorney. At Instant Tax Solutions, we help businesses every day keep from having to close due to a single snafu on their tax record.
Information Nation:Business owners have the same rights as an individual though, right?
Instant Tax Solutions:For the most part, yes. They may be entitled to repay the amount owed through an installment agreement or in the case of a firm with very few assets, an Offer in Compromise.
Information Nation:Those sound confusing.
Instant Tax Solutions:Not really. Not if you know what you are doing, anyway. Here at Instant Tax Solutions, we deal with this daily. Our attorneys, enrolled agents, as well as our large staff of IRS-knowledgeable tax pros are on top of all the legalities involved with settling past-due tax debt.
Information Nation:Very good to know! Hopefully, we’ll never have this issue but of we do, we’ll have your number on speed dial! What is that number again?
Instant Tax Solutions: 888.946.2999, and you can also visit us online at www.InstantTaxSolutions.com
Instant Tax Solutions is a nationally respected tax debt relief firm based in Post Falls, Idaho. Their 40 plus tax professionals are knowledgeable in all areas of IRS delinquency and procedure. They aim to aid and educate their clients and ensure an open line of communication throughout the term of their service. Founded in the mid 2000s by Byron Pedersen and Ian Woodman, Instant Tax Solutions was built on the belief that sometimes, good people find themselves in bad situations and that they deserve the same respect they enjoyed prior to their hardship.