We can help your business resolve outstanding tax liabilities efficiently and successfully. Our accountants, bookkeepers, and tax specialists have assisted clients for years in finding the best plan of action to resolve any tax problems they may be facing. Our intention is to always take control of your tax situation by addressing in directly. Tax penalties for businesses can be the difference between closure or long term success. Business liens can be levied against your company if your tax situation isn't addressed.
SOME OF THE METHODS FOR RESOLVING AN OUTSTANDING TAX LIABILITY ARE DESCRIBED BELOW:
Pay Tax Balance Completely
The quickest way to conclude your business issues with the IRS is to pay your balance in full. If your business doesn't have available funds, you might be able to resolve your balance of back taxes through a loan or line of credit.
Tax Extension Request
If your company will be able to pay the existing taxes owed within 120 days, you can apply to receive a short term tax extension. Your taxes will still continue to accrue interest, but there will be no additional penalties assessed and collection activities will be held during the period of extension.
Penalty Waiver Request
If your business can provide evidence that circumstances beyond your control caused you to miss your tax obligations, you may apply for a Penalty Waiver. This tax settlement policy is used with the IRS or California State Tax Agency and can eliminate or reduce tax penalties that had been previously assessed.
Installment Agreement Negotiation
When funds are not readily available to pay the entire balance of an outstanding tax liability, a business has the option to apply for a tax settlement option called an Installment Agreement. This allows businesses to pay a back tax balance over a period of time. The amount and timing of the payments will be determined by the amount due and the finances of the business in question.
Partial Payment Installment Negotiation
If a business is able to prove that they will be unable to pay the full balance of a tax debt, they may qualify for a Partial Payment Installment Agreement. A Partial Payment Installment Agreement is when the collecting tax agency agrees to settle a back tax balance for less than the entire amount owed.
If your business has an outstanding tax liability, the experienced professionals at Beverly Hills Accounting will help you negotiate it. Our team of experts has extensive tax settlement experience and will apply it to help your company negotiate in order to reach the best tax settlement option available for your company’s specifics.