Small businesses need to consult legal professionals from
time to time, and when taxes are involved, especially delinquencies in your
taxes, then you might need a tax attorney. Here are a few instances that should
urge you to consult with a tax attorney so you can get the best outcome
possible:
You’re
late in paying your back taxes, and the IRS is collecting.
Once you receive a collection notice from the
IRS and you know that you weren’t sent one in error (i.e. you’re really behind
on your tax dues), you better consult a tax attorney right away. The
professional can help you explore your options and guide you on your next
actions.
You
can’t afford paying your back taxes in full.
If you don’t have enough financial resources
to pay back the debt or if doing so will bankrupt your business (or even eat up
your personal savings), you should consider applying for an offer in
compromise, which can allow you to settle the debt for less. An IRS tax lawyer
can assess your eligibility and facilitate the negotiations.
Your
bank accounts have been levied, and liens have been issued.
If you let your back taxes go unpaid for too
long, the bank accounts and assets of your business can be levied or have a tax
lien attached to them. You could risk losing all your properties and your
business altogether, so it’s advisable to work out your tax debt settlement
with a lawyer immediately.
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