Business Tax Attorneys In Brighton, MI
Austin & Larson – Tax Assistance for Your Business You Can Trust!
Fresh Start – Tax Debt Help – Tax Liability Negotiation
Tax Relief for Brighton Businesses
Seeking adept Michigan business or corporate tax services? Turn to Austin & Larson Tax Resolution, a well-versed team situated in Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI, comprising of IRS Enrolled Agents, Tax Attorneys, CPAs, and Tax Accountants.
Our IRS tax assistance spectrum encompasses business tax preparation services, compliance strategies, audit assistance, and the proficient resolution of any lingering IRS back tax debt. Our tax preparation prowess holds the potential to significantly trim your business taxes when the IRS comes knocking.
By meticulously assessing your tax payment avenues, we offer invaluable reinforcement that Michigan businesses can confidently lean on.
Dial 1-866-668-2953 now for comprehensive business or corporation tax support.
In the realm of businesses, encompassing C-Corporations, S-Corporations, and Partnerships, varying tax forms and filing deadlines abound. For instance, C-Corporations grapple with taxation at the corporate level, while partnerships and S-Corporations function as pass-through entities, channeling income directly to the individual returns of owners or partners. Enterprises with an employee workforce must also grapple with payroll tax returns.
C-corporations navigate Form 1120, meticulously cataloging annual income and expenses. Nevertheless, they grapple with the burden of double taxation, with all remaining year-end corporation income subject to corporate tax.
S-Corporations and Partnerships
S-Corporations and Partnerships operate as pass-through entities, compelling S-Corporations to furnish Form 1120-S, and Partnerships to submit Form 1065. Unlike C-Corporations, S-Corporations and partnerships eschew generating their own tax liability. Instead, any residual income within the corporation or partnership at year-end is disseminated among owners or partners. Each recipient of income receives a Form K-1 detailing their share of distributive income, to be reported on their individual income tax return.
Even though partnerships and S-Corporations elude corporate-level taxation, these entities remain accountable for their unique tax obligations. Lapses in punctual Form 1120-S or 1065 submissions could engender substantial failure-to-file penalties, relevant to corporations or partnerships. Moreover, failure to timely file required 1099s or W-2/W-3 forms may attract penalties for corporations, mirroring the ramifications faced by C-Corporations. These tax penalties can loom significantly.
Payroll Tax Returns
Every Michigan business that sustains an employee presence must fulfill payroll return requirements. These returns are submitted through Forms 944 or 941, and 940. Furthermore, enterprises with staff members must dutifully establish federal tax deposits and ensure meticulous return filing. Form 941 surfaces quarterly, while Form 940 necessitates annual submission. Defaulting on timely filing or tax deposit payments may trigger formidable corporate liabilities. If these dues remain unpaid, the IRS could even explore personal tax assessments against parties responsible for the neglected payments.
Resolution of Business Tax Balances
The IRS extends an array of resolution tax settlement avenues for businesses grappling with arrearage in back taxes. Hinging on the tax category and owed amount, they present payment plans spanning a 24-month span or tailored to the business’s financial capacity. Enterprises might also qualify for a Currently Non-collectible status or the prospect of an Offer in Compromise.
Generally, the IRS designates a Revenue Officer to spearhead tax resolution endeavors. This officer scrutinizes the completeness of requisite tax returns and the business’s compliance with mandatory tax deposits. Financial statements and business assets could also undergo assessment to determine financial capability. In specific scenarios, a Revenue Officer might transfer unpaid taxes from a previously shuttered business to a fresh entity owned by the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
Back business or corporate taxes can swiftly evolve into an imposing tax debt that endangers your company’s survival. While addressing payroll balances from the past quarter, fresh ones accrue for the current period. Concurrently, interest and penalties amass. IRS notifications pour in, as you juggle the daily operational challenges. In no time, three years have elapsed, and your business is tethered to an insurmountable debt. Enter an IRS Revenue Officer, ready to meticulously inspect your business records.
When dealing with overdue business taxes, hesitation is unwise. At Austin & Larson Tax Resolution, we stand ready to guide your Michigan business towards reclamation of financial equilibrium concerning back tax obligations. We stand as your advocates before the IRS, resolutely steering the filing of pending business tax returns and culminating the resolution of looming IRS liabilities.
As we navigate the IRS labyrinth, focus on steering your business forward. Reach out now by calling (866) 668-2953. We are eager to delve into your optimal tax relief solution and set it into motion.
Contact Us Today
We understand how frustrating tax related issues can be and we are here to help resolve your unpaid taxes once and for all. Our team has extensive experience working with the IRS on our clients' behalf to fully resolve tax liabilities, and we would love the opportunity to do the same for you. Reach out for a free consultation today!
Brighton, Saginaw, Lansing, and Ann Arbor, MI