Tax Debt Help For Businesses
Protect Your Business From Aggressive IRS Enforcement
If you are a small business owner and you or your business owes back taxes to the IRS, you’re not alone. According to IRS reports, there are millions of small businesses and small business owners who are plagued by tax problems associated with back tax debts. Hoping these problems will go away on their own usually results in disaster for a small business.
Owing back payroll taxes is generally considered to be the worst type of back tax problem. The penalties assessed on delinquent payroll taxes can dramatically increase your back tax liability in a matter of months. And, in some cases, the IRS will hold a business owner personally liable for a portion of the back payroll taxes through the Trust Fund Recovery Penalty putting your personal assets and bank accounts in jeopardy. Find out how Rockwater Associates can represent you before the IRS and prevent a delinquent payroll tax problem from destroying your business.
Penalties & Interest
Unresolved, back tax debts will increase exponentially, making your problem go from bad to worse. Between penalties and accrued interest, failure to resolve your small business back tax debt can nearly double the overall tax liability over time, putting a huge financial strain on your enterprise. Learn how Rockwater can help you reduce or eliminate tax penalties and interest.
Bank Account or Accounts Receivable Levy
Another among the several punitive actions the IRS can take is the ability to issue a tax levy on your company’s bank account or accounts receivable. These levies allow the IRS to freeze and seize your cash and your revenue, wreaking havoc on your business. Rockwater Associates can help you get your tax levy lifted. Find out how.
Trust Fund Recovery Penalty (TFRP)
The Trust Fund Recovery Penalty is the penalty you face if you withhold income tax, Medicare, and Social Security payments from your employees’ paychecks, but you don’t send the money to the IRS. It is one of the largest penalties charged by the IRS. The agency takes it very seriously, and if you are deemed responsible for the missing payments, the IRS will not hesitate to take your personal assets to recoup their money.
The IRS can and will levy this penalty on anyone who willfully fails to collect and pay trust fund taxes. That includes owners, CEOs, and directors, but it can also include employees, third-party payroll administrators, outside accountants, and bookkeepers. For corporations, shareholders can also be held responsible, and for non-profits, members of the board of trustees may be considered responsible.
If mounting penalties and interest aren’t enough motivation to resolve a back tax problem, the IRS has the power to place a lien on you your business making it difficult to obtain financing and near impossible to complete critical business transactions. If you are currently dealing with a tax lien, learn how Rockwater can help you obtain release of the tax lien.
State Sales Tax or Other State Tax Problems
If you are struggling with an IRS tax problem, chances are you may owe your state, as well. While your state tax debt may not be as seemingly overwhelming as a tax debt to the IRS, State collection authorities are often quicker and more forceful in their collection efforts. With the help of the experienced team at Rockwater, familiar with state tax disputes, will help you find tax relief from state tax problems.
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Get Protected, Resolve Your Tax Debt
We’ve helped numerous businesses in a variety of industries such as construction, professional services, retail, restaurants, transportation, healthcare, staffing and many more.
If your small business is struggling under the weight of back tax debt to the IRS or state, call Rockwater Associates today, at (888) 725-5725. Let experienced tax professionals and enrolled agents work with you to resolve your tax problems before they hurt your company’s health.