Corporate 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
Elevate your Michigan business or corporate tax strategy with Austin & Larson Tax Resolution. Our seasoned team operates from key hubs in Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI. Comprising accomplished IRS Enrolled Agents, proficient Tax Attorneys, astute CPAs, and adept Tax Accountants, we offer an unmatched spectrum of expertise.
Benefit from our IRS tax assistance, which encompasses a range of services, from meticulous business tax preparation to compliance guidance, audit support, and even the strategic resolution of lingering IRS back tax debt. Experience the transformative power of our tax preparation services, which could significantly mitigate the extent of your business taxes owed when the IRS calls. By dissecting your tax payment avenues, we furnish Michigan businesses with invaluable counsel, anchoring reliance and trust. Dial 1-866-668-2953 now to tap into our comprehensive business and corporation tax support.
Enterprises spanning the spectrum from C-Corporations to S-Corporations and Partnerships tread distinct tax pathways with varied forms and filing timelines. While C-Corporations grapple with corporate-level taxation, the arena shifts for partnerships and S-Corporations, as they function as pass-through entities. Here, income courses its way to the individual returns of owners or partners. Businesses encompassing employee cadres must also grapple with the obligation of filing payroll tax returns.
For C-corporations, the pivotal terrain entails navigating Form 1120, a meticulous ledger capturing annual income and outlays. This labyrinthine journey often ushers in the specter of double taxation, as all retained corporation income at year-end is subject to the embrace of corporate tax, dutifully disbursed by the corporation.
S-Corporations and Partnerships
S-Corporations and Partnerships, in contrast, unfurl as pass-through entities. S-corporations set their course toward Form 1120-S, while partnerships navigate the landscape of Form 1065. Unlike the C-Corporation narrative, S-Corporations and partnerships shirk the responsibility of generating their own tax liability. Instead, any residual net income lingering within the corporate confines or partnership realms at year-end cascades into the hands of proprietors or partners. Each owner or partner is then bestowed with Form K-1, a beacon that illuminates their distributive slice of income, integral to reporting on their personal income tax return.
Although partnerships and S-Corporations dodge the realm of corporate-level taxation, they still wrestle with their individual tax responsibilities. Faltering to timely file Form 1120-S or 1065 unfurls a tapestry of substantial failure-to-file penalties, shadowing corporations or partnerships. Furthermore, the consequences of procrastination in submitting requisite 1099s or W-2/W-3 forms cast a net of penalties afflicting corporations. These stringent repercussions are equally applicable to the realm of C-Corporations, amplifying the gravity of ensuing tax penalties.
Payroll Tax Returns
Any Michigan establishment replete with employees is mandated to orchestrate the intricate ballet of payroll returns. The stage unfolds through Forms 944 or 941, and 940. This choreography necessitates meticulous return submission and the conscientious establishment of federal tax deposits—a duty pivotal for businesses graced by a workforce. Form 941 takes its quarterly bow, while Form 940 stages its annual performance. Stumbling on the path of timely filing or deposit remittance casts a pall of towering corporate liabilities. The IRS extends its purview, even reaching out to assess personal tax obligations against individuals culpable for defaulting 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 nature of the tax and the magnitude of the debt set the stage for payment plans, whether anchored in a 24-month horizon or pivoting on the financial capacity of the business. Businesses might also unearth sanctuary in the refuge of a Currently Non-collectible status or the allure of an Offer in Compromise.
In most instances, the IRS appoints a Revenue Officer as the conductor of tax resolution. This maestro conducts a comprehensive audit, verifying compliance with obligatory tax returns and the dutiful discharge of tax deposits by the business. The stage is set for a sweeping appraisal of financial statements and assets, culminating in a comprehensive evaluation of the entity’s fiscal viability. In select instances, the Revenue Officer wields the power to transpose unpaid taxes from a bygone enterprise onto a nascent business, under the ownership of the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
Back business or corporate taxes possess a penchant for ballooning into an imposing tax debt, wielding the potential to cast a long shadow over your company’s sustainability. As you grapple with reconciling past-quarter payroll balances, a fresh slate of liabilities is already unfurling for the current quarter. In this symphony, interest and penalties harmonize, crescendoing with each passing note. The IRS dispatches notices, juxtaposed against your attempts to navigate the labyrinth of day-to-day business matters. Before you know it, three years have elapsed, leaving your business enmeshed in the intricate web of insurmountable debt. Enter the IRS Revenue Officer, armed with the mission to meticulously comb through your business archives.
Amid the clutches of impending business taxes, procrastination forfeits its allure. At Austin & Larson Tax Resolution, we stand unwavering, poised to navigate your Michigan business through the recalibration of its fiscal equilibrium against the backdrop of back tax liabilities. Our role as stalwart advocates before the IRS remains our North Star, epitomized by unwavering endeavors to expedite the filing of outstanding business tax returns and to unravel the looming lattice of IRS liabilities.
As we chart the course through the labyrinthine corridors of IRS intricacies, you’re invited to immerse yourself in propelling your business onward. 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 tangible 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