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Business IRS Help in NYC

Failure to Pay Your IRS Taxes can be Calamitous For Your NYC Based Business.

You must file your taxes with the appropriate taxing authorities if you own a NYC based business. This includes all businesses, both large and small, regardless of whether you offer a service or a product. Failure to do so can set in motion a series of events that can overwhelm, and even shut down an otherwise successful business. This is why expert business IRS help in NYC is so important. You may face problems with local, state or federal tax agencies if your taxes are delinquent. It often takes a good deal of time and effort to get caught up, and to remain compliant and current once the IRS has you under review.

How Tax Authorities Can Collect Your Back Taxes

It is not uncommon to see business owners fall behind because they are overwhelmed with the amount owed and paralyzed by the prospect of dealing with the IRS. Businesses are required to pay state income and payroll taxes as well. State sales tax is also required for businesses that sell goods. Delinquency in any of these areas can result in debt collections or penalties levied against your business.

The first step to forcibly collect an outstanding debt is to put a tax lien on your business. This is how the IRS protects the debt. A lien is a legal claim against your business assets. It is filed using a public document known as a Notice of Federal Tax Lien. This assures that the creditors and financial institutions are aware the IRS has a legal right to your property to the extent of tax you owe. It will remain in effect until the taxes are paid in full or other arrangements are made. Liens are public record and can be seen by existing and potential customers, so your tax difficulties may be exposed to your clientele.

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Protecting Your Business Using Business IRS Help in NYC

It is possible, once a federal or state tax lien is filed, that you will face a tax levy on your business. This allows taxing authorities to legally seize your company’s properties and assets, which include your bank accounts, accounts receivable, business property, and equipment. Take into consideration the impact the seizure can have on your business. The levy can affect cash flow–which you have set aside for payroll, office rent, supply purchases and payroll taxes. It can also have an impact on customer relations. Obviously, no one wants to face the prospect of a tax levy.

We are here to help. True Resolve tax resolution specialists can negotiate IRS installment agreements, and IRS offers in compromise to help you work your way your of liens and prevent levies. We are trusted experts; the team other tax resolution staff look to for training and best practices.

It is important to deal with tax problems in a timely fashion if your company is facing a levy or tax lien.  You may consider using our expert business IRS help in NYC. Let us help you negotiate a good resolution with the IRS.

Have questions? Call today to speak with one of our licensed tax experts 716-634-6200