Small 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
Unlock the pinnacle of small business tax prowess in Michigan by partnering with Austin & Larson Tax Resolution. We constitute a seasoned consortium hailing from the corners of Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI, where our cadre of IRS Enrolled Agents, adept Tax Attorneys, accomplished CPAs, and skilled Tax Accountants converges.
Our spectrum of IRS tax assistance encompasses the gamut of small business tax obligations. Navigate the meticulous intricacies of business tax preparation, wade confidently through the currents of compliance, harness our expert guidance for audits, or unfurl the banner of resolution for lingering IRS back tax obligations. Delve into the transformative matrix of our tax preparation services, a realm where the contours of potential business taxes owed during IRS encounters are skillfully sculpted. Cast your gaze upon the canvas of tax payment alternatives as we fortify you with valuable support, etching our legacy as a cornerstone of trust and reliability. Summon the harmonious partnership at 1-866-668-2953 for comprehensive assistance with all your small business and corporation tax needs.
The narrative of small enterprises, encompassing C-Corporations, S-Corporations, and Partnerships, unspools across the pages of different tax forms and disparate filing deadlines. Consider the C-Corporation, entangled in the intricacies of corporate-level taxation. In sharp contrast, partnerships and S-Corporations emerge as pass-through entities, with their income flowing seamlessly into the individual returns of owners or partners. The resonance of this melody extends to businesses populated by employees, who partake in the choreography of payroll tax returns.
The odyssey of C-corporations finds its chronicles inscribed within Form 1120, meticulously encapsulating the ebb and flow of annual income and expenses. Amidst this tableau, the specter of double taxation emerges, with all residual corporate income at year-end acquiescing to the call of corporate taxation, dutifully dispensed by the corporation itself.
S-Corporations and Partnerships
In stark contrast, S-Corporations and Partnerships emerge as pass-through entities, with Form 1120-S and Form 1065 serving as their heralds. In contrast to C-Corporations, S-Corporations and partnerships evade the mantle of self-orchestrated tax liability. Instead, any lingering net income within the corporate or partnership realm at year-end is allocated to owners or partners. This distribution cascades to each owner or partner through Form K-1, a testament to their share of income, pivotal for individual income tax declarations.
While partnerships and S-Corporations sidestep the arena of corporate-level taxation, their own tax obligations remain. Stumbling on the path of timely Form 1120-S or 1065 filing unfurls the specter of substantial failure-to-file penalties, looming ominously over corporations or partnerships. Moreover, the stakes escalate with belated submission of mandated 1099s or W-2/W-3 forms, ensnaring corporations within the web of penalties. These same penalties, a chorus of gravity, equally resonate within the realm of C-Corporations, underscoring the magnitude of ensuing tax penalties.
Payroll Tax Returns
Every small business in Michigan graced with an employee presence must master the symphony of payroll returns. This symphony unfolds through the harmonious duet of Forms 944 or 941, complemented by Form 940. Mastery of these forms necessitates impeccable return submission and judicious establishment of federal tax deposits—an unswerving commitment for businesses bedecked with a workforce. The quarterly rhythm of Form 941 harmonizes with the annual crescendo of Form 940. Faltering on the path of timely filing or deposit remittance casts a looming shadow of corporate liabilities. The IRS extends its jurisdiction, reaching out to assess personal tax obligations against individuals accountable for delinquency.
Resolution of Business Tax Balances
The IRS orchestrates a medley of resolution tax settlement avenues for small businesses ensnared by the web of back taxes. The nature of the tax and the magnitude of debt dictate the performance of payment plans, tailored to a 24-month horizon or aligned with the fiscal capabilities of the enterprise. Small businesses may also find solace beneath the aegis of a Currently Non-collectible status or the allure of an Offer in Compromise.
In most instances, the IRS appoints a Revenue Officer to choreograph the dance of tax resolution. This conductor embarks on a meticulous audit, ensuring the harmony of mandatory tax return submissions and diligent tax deposit contributions by the business. The stage is set for a comprehensive review of financial statements and asset portfolios, culminating in a thorough assessment of the entity’s fiscal health. In select scenarios, the Revenue Officer wields the power to transpose unpaid taxes from a bygone venture onto a nascent business owned by the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
The specter of pending small business or corporate taxes has an uncanny propensity to transmute into an overwhelming tax debt, casting an elongated shadow over your business’s viability. As you navigate the labyrinthine passages of reconciling payroll balances from previous quarters, the canvas of the current quarter unveils a fresh palette of obligations. Within this intricate symphony, interest and penalties swell to a crescendo, mounting with each passing note. The IRS dispatches notices, contrasting against your endeavor to grapple with the everyday complexities of business operations. In the blink of an eye, three years slip through your grasp, and your business finds itself ensnared within the intricate threads of insurmountable debt. The IRS Revenue Officer takes center stage, armed with the task to meticulously parse through your business records.
In the face of impending small business taxes, delay relinquishes its allure. Austin & Larson Tax Resolution stands steadfast, poised to navigate your Michigan small business through the recalibration of fiscal equilibrium amidst lingering tax obligations. As resolute advocates before the IRS, our mantle encompasses the tireless pursuit of outstanding small business tax returns and the systematic untangling of impending IRS liabilities.
Delegate your IRS encounter to us, allowing your energies to be channeled into steering your small business onward. Reach out now at (866) 668-2953. The honor would be ours to weave and implement your optimal tax relief strategy.
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