Business Tax Attorneys In Saginaw, MI
Austin & Larson – Tax Assistance for Your Business You Can Trust!
Fresh Start – Tax Debt Help – Tax Liability Negotiation
Tax Relief for Saginaw Businesses
When it comes to proficient Michigan business or corporate tax services, look no further than Austin & Larson Tax Resolution. Our seasoned team, based in Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI, comprises a powerhouse of IRS Enrolled Agents, Tax Attorneys, CPAs, and Tax Accountants.
We extend IRS tax assistance that encompasses a spectrum of business tax preparation services, compliance measures, audit support, and the adept resolution of any lingering IRS back tax debt. Our tax preparation prowess has the potential to substantially reduce the business taxes owed, shielding you from the IRS’s imminent demands. By thoroughly evaluating your tax payment alternatives, we cement ourselves as the reliable backbone that Michigan businesses can lean on with unwavering trust. Dial 1-866-668-2953 now to secure any business or corporation tax aid that may be required.
Business dynamics vary widely, encompassing C-Corporations, S-Corporations, and Partnerships, each governed by distinct tax forms and filing deadlines. While C-Corporations face corporate-level taxation, partnerships and S-Corporations, as pass-through entities, channel income to the individual returns of their owners or partners. Moreover, businesses with an employee workforce are obligated to submit payroll tax returns.
C-corporations adhere to the submission of Form 1120, meticulously accounting for annual income and expenses. However, they bear the burden of double taxation, with all remaining income subject to corporate tax by year’s end.
S-Corporations and Partnerships
In contrast, S-Corporations and Partnerships serve as pass-through entities, obliging S-Corporations to furnish Form 1120-S and Partnerships to submit Form 1065. While they steer clear of generating their own tax liability, any net income retained within the corporation or partnership is disbursed among the owners or partners. Each receives a Form K-1 detailing their distributive share of income for individual tax reporting.
Although the income of Partnerships and S-Corporations evades corporate-level taxation, these entities remain accountable for their distinct tax liabilities. The failure to punctually file Form 1120-S or 1065 might result in substantial penalties. Similarly, failing to timely submit requisite 1099s or W-2/W-3 forms may invite penalties for the corporation. These penalties equally apply to C-Corporations, and their magnitude can be formidable.
Payroll Tax Returns
Every Michigan business housing employees is mandated to submit payroll returns. These returns are lodged through Forms 944 or 941, and 940. Businesses with an employee workforce must uphold federal tax deposits and precise filing of returns. Form 941 demands quarterly submission, while Form 940 calls for annual filing. Neglecting timely filing or payment of tax deposits could lead to sizeable corporate liabilities. Failure to settle these balances can prompt the IRS to personally assess taxes against those responsible for their payment.
Resolution of Business Tax Balances
The IRS offers a plethora of tax settlement options for businesses grappling with overdue back taxes. Based on the tax type and amount owed, they extend payment plans structured around a 24-month timeline or the business’s capacity to pay. Businesses could also qualify for a Currently Non-collectible status or an Offer in Compromise.
Ordinarily, the IRS appoints a Revenue Officer to establish tax resolution. This officer evaluates the completeness of mandatory tax returns, and whether the business adheres to mandatory tax deposits. Financial statements and business assets may also undergo scrutiny to assess payment ability. In specific instances, a Revenue Officer may transfer unpaid taxes from a previously closed business to a new business owned by the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
Accumulating business or corporate tax arrears can swiftly snowball into an overwhelming debt, imperiling your enterprise’s viability. While addressing the past quarter’s payroll balances, new ones accrue for the current quarter. Simultaneously, interest and penalties compound. IRS notifications flood in, all while you grapple with the day-to-day challenges of running a business. Before you realize, three years have elapsed, and your business is saddled with an insurmountable debt. Then, an IRS Revenue Officer enters the picture, ready to scrutinize your business records.
In the face of overdue business taxes, procrastination is unwise. At Austin & Larson Tax Resolution, we stand prepared to assist your Michigan business in reclaiming its financial footing concerning back tax obligations. We shall advocate on your behalf with the IRS, diligently steering the filing of outstanding business tax returns and culminating the resolution of lingering IRS liabilities.
While you concentrate on steering your business, allow us to navigate the IRS labyrinth. Call (866) 668-2953 at your earliest convenience. We are eager to discuss and execute the ideal tax relief path for you.
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