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Business IRS Problems — Denver, Colorado

Failure to pay your IRS taxes may be disastrous for your Denver-based business

If you own a Denver-based business — regardless of whether you offer a service or a product or how big or small your business is — you must file and pay your taxes with the taxing authorities. It not, you may face business IRS problems with the local, state or federal tax agencies.

Keeping current and compliant on your taxes takes a great deal of time and effort, and we often see well-intentioned business owners fall behind because they’re overwhelmed by how much they owe or the prospect of dealing with the IRS.

As a business owner, you’re required to file and pay your federal and state income taxes, as well as payroll taxes and sales taxes if you sell products. Becoming delinquent on any of these taxes may result in collection efforts or penalties levied against your business.

How Tax Authorities Can Collect Your Back Taxes

If your tax bill goes unpaid and you don’t make arrangements to pay your debt before the due date, the first step in the forcible collection of your debt is a tax lien on your Denver-area business, which is how the IRS protects the debt.

A lien is a legal claim against your business assets, filed via a public document known as a Notice of Federal Tax Lien. The lien alerts creditors and finance companies that the IRS has a legal right to your property to the extent of tax you owe and remains in effect until the taxes are paid in full or other arrangements are made.

A lien is public record, which means your customers or even potential customers can see you’re having tax issues.

Once a federal or state tax lien is filed, you may also face the possibility of a tax levy to legally seize your company’s properties and assets, including your bank accounts, accounts receivable and business property and equipment. Think of the impact the seizure can have on your business cash flow—which you’ve set aside for payroll, office rent, supply purchases, and payroll taxes—and on relationships with your customers.

If your company faces a levy or lien, it’s important to deal with your tax problems as quickly as possible to minimize the impact on your business.

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Tax Penalties

Federal, state and local authorities can also assess penalties for failing to pay to your taxes. The penalties increase your tax bill, making it even more difficult to catch up on back taxes and stay on top of current tax obligations. Taxing agencies have more than 100 possible penalties they can assess on you and your Denver-based business, some assessing up to 75 percent of the tax amount you owe, a variety of enforcement techniques to collect them.

Federal and state officials are particularly aggressive in pursuing the collection of payroll tax debt you owe. They view this as a form of theft, and payroll tax debt is one of their first collection priorities when it comes to business taxes.

The best way to avoid tax penalties is to file your taxes on time and set up a payment plan if you can’t pay them right away. You will almost always end up paying more when you don’t file on time. Plus, if you only focus on what you already owe, you will never stay current. And if you only focus on your current taxes, then you’ll never address what’s past due.

Expertise to Resolve Your Business Tax Concerns
True Resolve offers you the right expertise, experience and integrity you need to deal with delinquent taxes. Don’t wait one minute longer to get in front of your business tax problems. We guarantee the information and tools you need to keep your business finances running smoothly.

Have questions? Call today to speak with one of our licensed tax experts 720-319-8954