We understand small business tax problems.
Having examined small business returns while working at the IRS and now operating a small business myself, I fully understand the difficulties that small businesses face in meeting their tax obligations. You’re an entrepreneur, not a bookkeeper or an accountant. When you started, you were probably focused on growing and running your business. One thing you may not have been prepared for are the ups and downs that come with owning your own business. At the end of each tax year, maybe you found yourself owing the IRS money that you could not pay. During the down periods, you might have dipped into your employees’ payroll withholdings to help cover business expenses which then resulted in a trust fund recovery penalty. The penalties and interest continue to grow, resulting in a massive amount of tax debt. Then you receive a lien or levy notice from the IRS and you decide that it’s time to get some help.
This is a fairly common scenario with many self-employed and small business clients that come into my office. I strongly believe that small businesses are a vital part of the economy and produce tremendous innovation and job growth. Unfortunately, few resources are available to them to understand and meet increasingly complicated tax obligations.
Part of my job as an attorney is to provide counsel. Resolving the existing tax debt is simply putting a band-aid on the wound. I hope that you will also understand the importance of staying on top of your tax obligations going forward through 1.) tax planning, 2.) making your estimated tax payments, 3.) and timely filing your tax returns, so you do not find yourself in a similar position again.
In ensuring that you are able to stay compliant going forward, we have partnered up with a tax preparation firm that provides bookkeeping, payroll, tax preparation and related services.