Corporate 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
To delve into proficient Michigan business or corporate tax services, engage with Austin & Larson Tax Resolution. Our adept team is rooted in Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI, bringing together seasoned IRS Enrolled Agents, accomplished Tax Attorneys, astute CPAs, and adept Tax Accountants.
Our spectrum of IRS tax support encompasses business tax preparation services, compliance measures, audit assistance, and the strategic resolution of impending IRS back tax debt. The prowess of our tax preparation services could substantially whittle down your business taxes owed when the IRS comes knocking.
By assessing your tax payment avenues, we fortify Michigan businesses with indispensable guidance, fostering reliability and trust.
Varied tax forms and distinct filing deadlines characterize the landscape for businesses, spanning C-Corporations, S-Corporations, and Partnerships. For instance, the C-Corporation forges ahead with corporate-level taxation, while partnerships and S-Corporations emerge as conduits, ushering income through to the individual returns of owners or partners. Enterprises equipped with employee cohorts must also grapple with the obligation to submit payroll tax returns.
For C-corporations, the pivotal juncture involves the completion of Form 1120, methodically cataloging income and expenditures for the year. The intricate dance here often ushers in double taxation, casting all retained corporation income at year-end under the aegis of corporate tax, diligently remitted by the corporation.
S-Corporations and Partnerships
S-Corporations and Partnerships morph into pass-through entities, ushering S-corporations toward Form 1120-S and beckoning partnerships to navigate Form 1065. Unlike the C-Corporation paradigm, S-Corporations and partnerships abstain from generating their independent tax liability. Instead, residual net income lingering within the corporation or partnership at year-end cascades into the hands of owners or partners. With each recipient poised to receive Form K-1, an instrument outlining their distributive share, the stage is set for reporting on their individual income tax return.
While the specter of corporate-level taxation is absent for partnerships and S-Corporations, these entities remain ensnared by their unique tax responsibilities. The failure to punctually file Form 1120-S or 1065 unfurls a tapestry of substantial failure-to-file penalties haunting corporations or partnerships. Additionally, the consequences of tardy submission for obligatory 1099s or W-2/W-3 forms could cascade into penalties afflicting corporations. These punitive repercussions are equally pertinent to the C-Corporation terrain, amplifying the significance of the ensuing tax penalties.
Payroll Tax Returns
The landscape shifts for every Michigan business vested with employees, mandating the fulfillment of payroll returns. The panorama unfurls through Forms 944 or 941, and 940. The choreography here entails diligent return submission and the establishment of federal tax deposits—a pivotal duty for businesses housing a staff contingent. Form 941 strides in on a quarterly rhythm, while Form 940 sets its annual cadence. Faltering in the timely filing or deposit remittance casts a shadow of towering corporate liabilities. The IRS’s reach extends to personal tax assessments against individuals liable for defaulted payments.
Resolution of Business Tax Balances
The IRS orchestrates a symphony of resolution tax settlement avenues for businesses ensnared in the web of back taxes. The type of tax and the financial quantum in play lay the groundwork for payment plans, spanning either a 24-month horizon or pivoting around the business’s fiscal capacity. Enterprises might also encounter sanctuary in the folds of a Currently Non-collectible status or the allure of an Offer in Compromise.
In most scenarios, the IRS appoints a Revenue Officer as the maestro of tax resolution. This officer conducts a comprehensive audit, verifying the compliance with mandatory tax returns and the dutiful fulfillment of tax deposits by the business. An encompassing review of financial statements and assets unfolds, culminating in an appraisal of the entity’s fiscal viability. In select cases, the Revenue Officer wields the power to transpose unpaid taxes from a previously shuttered enterprise onto a nascent business owned by the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
Back business or corporate taxes possess the uncanny propensity to escalate into an imposing tax debt capable of imperiling the very survival of your company. As you strive to reconcile past-quarter payroll balances, the contours of fresh liabilities shape themselves for the ongoing quarter. Meanwhile, the theater resonates with the cadence of accruing interest and penalties. IRS notifications punctuate your operational canvas, a backdrop against which you navigate the labyrinth of daily business affairs. In the blink of an eye, three years have elapsed, leaving your enterprise ensnared within the labyrinthine folds of insurmountable debt. Enter the IRS Revenue Officer, armed with a mandate to methodically comb through your business archives.
In the face of pending business taxes, the option of delay loses its appeal. At Austin & Larson Tax Resolution, we stand resolute, poised to navigate your Michigan business through the recalibration of its financial equilibrium against the backdrop of back tax liabilities. Our role as advocates before the IRS remains steadfast, characterized by relentless endeavors to expedite the filing of pending business tax returns and to unravel the impending lattice of IRS liabilities.
As we chart the course through 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 transmute 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 Ann Arbor, MI