How to Quickly Find Yourself With a Big Tax Problem
Your business was on a roll! Five
years of great sales and profits. You
had money in the bank, suppliers paid with discounts, and your personal
paycheck was making your spouse very happy. It doesn’t get better than this.
Then it hit:
·
Economic slowdown. Lower sales. Collections
drop. Inventory piles up.
- Unexpected legal expense
- Major employee leaves
- Major product line problem
- New competitor slices into sales
- Large customer drops you
- Natural disaster
Maybe it is one of the above. Sometimes it takes more than
one to create the cash flow crisis. The
cause is only slightly relevant. The
reality is that you don’t have the cash needed to make your IRS payments. The issue might only be your income taxes. But your situation could be compounded by
missed payroll tax deposits, and even state income, payroll, and sales taxes.
If the economic interruption is protracted, losses may begin
to exacerbate the issue. While these losses may reduce future tax obligations
and even be used to reduce prior year obligations, they do nothing to help with
payroll tax obligations, either corporate or personal.
Don’t expect a sympathetic ear at the IRS. If anything they will be worried about not
getting their share if you go bust. Liens
and levies can further complicate your efforts to get your business back in
shape.
You need a tax professional like the Enrolled Agents at
Demetriou, Montano, and Associates to help guide you through the process. We know what to say to the Revenue Officers,
and more importantly, what not to say. After
25 years helping businesses like yours in situations just like the one above,
we have the tools and skills to keep the tax man happy while you rebuild. Call right now at 888-987-1040 and sleep
better tonight.
