Business Tax Attorneys In Lansing, MI
Austin & Larson – Tax Assistance for Your Business You Can Trust!
Fresh Start – Tax Debt Help – Tax Liability Negotiation
Tax Relief for Lansing Businesses
Explore the realm of adept Michigan business or corporate tax services with Austin & Larson Tax Resolution. Our seasoned team hails from Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI, comprising proficient IRS Enrolled Agents, astute Tax Attorneys, accomplished CPAs, and seasoned Tax Accountants.
Our IRS tax guidance extends across a spectrum of business tax preparation services, compliance strategies, audit assistance, and the strategic resolution of looming IRS back tax debt. Our tax preparation expertise has the power to substantially mitigate your business taxes owed when the IRS knocks on your door.
By meticulously scrutinizing your tax payment avenues, we deliver indispensable reinforcement that Michigan businesses can wholeheartedly rely upon.
Dial 1-866-668-2953 to seize the expertise for any business or corporation tax queries.
Diverse tax forms and distinct filing deadlines characterize businesses, spanning C-Corporations, S-Corporations, and Partnerships. Notably, a C-Corporation bears the brunt of corporate-level taxation, while partnerships and S-Corporations function as pass-through entities, channeling income seamlessly to the individual returns of owners or partners. Companies harboring employee rosters must also grapple with the submission of payroll tax returns.
C-corporations wade through the intricacies of Form 1120, meticulously accounting for annual income and expenses. This intricate dance often results in double taxation, as all residual corporation income at year-end falls under the corporate tax ambit, dutifully settled by the corporation.
S-Corporations and Partnerships
The landscape shifts for S-Corporations and Partnerships, entities that take the form of pass-through vehicles. While S-Corporations must navigate Form 1120-S, partnerships navigate the terrain of Form 1065. Unlike C-Corporations, S-Corporations and partnerships refrain from generating their standalone tax liability. Instead, any retained net income within the corporation or partnership at year-end is disbursed among owners or partners. Each recipient garners a Form K-1 detailing their proportionate distributive share, ready to be reported on their individual income tax return.
Notwithstanding the absence of corporate-level taxation for partnerships and S-Corporations, these entities remain accountable for their unique tax obligations. Failing to timely submit Form 1120-S or 1065 can summon substantial failure-to-file penalties that corporations or partnerships are bound to confront. Furthermore, lapses in timely submission of requisite 1099s or W-2/W-3 forms could lead to penalties afflicting corporations. These punitive consequences are equally applicable to C-Corporations. The gravity of the ensuing tax penalties is substantial.
Payroll Tax Returns
Every Michigan business, boasting an employee cohort, must fulfill the obligations of payroll returns. The canvas for these returns spans Forms 944 or 941, and 940. Ensuring diligent return filing and establishing federal tax deposits are crucial mandates for businesses with staff members. Quarterly Form 941 and annual Form 940 loom as the anchors of the payroll landscape. Lapses in timely filing or deposit payments cast a shadow of sizable corporate liabilities. The IRS retains the prerogative to levy personal tax assessments against individuals responsible for defaulted payments.
Resolution of Business Tax Balances
The IRS unfurls an array of resolution tax settlement routes, tailored for businesses grappling with the burden of back taxes. The nature of the tax and the quantum owed set the stage for payment plans, spanning either a 24-month horizon or built around the business’s financial capacity. Enterprises might also find solace in a Currently Non-collectible status or the prospect of an Offer in Compromise.
In most scenarios, the IRS commissions a Revenue Officer to orchestrate the delicate ballet of tax resolution. This officer surveys the comprehensive landscape, ensuring mandatory tax returns are filed and the business fulfills its due tax deposits. A meticulous review of financial statements and assets follows, culminating in an assessment of the entity’s financial viability. In certain instances, a Revenue Officer possesses the leeway to transmute unpaid taxes from a previously shuttered business to a fresh enterprise owned by the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
Back business or corporate taxes have the uncanny ability to snowball into a towering tax debt, capable of jeopardizing a company’s survival. As you navigate the quagmire of past-quarter payroll balances, fresh ones accumulate for the ongoing quarter. Meanwhile, interest and penalties gather momentum. IRS notifications inundate your workspace, all while you grapple with the daily operational labyrinth. Before you fathom it, three years have slipped away, leaving the business ensnared in an insurmountable debt. Enter the IRS Revenue Officer, armed with a mandate to meticulously comb through your business records.
When the specter of overdue business taxes looms, delay is an unwise option. At Austin & Larson Tax Resolution, we stand steadfast, ready to guide your Michigan business towards recalibrating its financial equilibrium in the face of back tax liabilities. Our role as advocates before the IRS is unwavering, marked by tireless endeavors to expedite the filing of pending business tax returns and to untangle the web of impending IRS liabilities.
As we navigate the labyrinth of IRS intricacies, immerse yourself in propelling your business ahead. Reach out now by dialing (866) 668-2953. It would be our privilege to delve into your optimal tax relief solution and transform it into reality.
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 Jackson, MI