Small 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
For comprehensive Michigan business or corporate tax expertise, reach out to Austin & Larson Tax Resolution. Our adept team, headquartered in Brighton, MI, Jackson, MI, Lansing, MI, and Saginaw, MI, consists of IRS Enrolled Agents, Tax Attorneys, CPAs, and Tax Accountants.
Our IRS tax support encompasses a range of services including business tax preparation, compliance, audit assistance, and resolution of any outstanding IRS back tax debt. Our tax preparation services have the potential to substantially reduce your business’s owed taxes when confronted by the IRS.
By assessing your tax payment alternatives, we offer invaluable assistance that Michigan businesses can depend on and have confidence in. Call us immediately at 1-866-668-2953 for any business or corporation tax-related aid you might require.
Diverse businesses, encompassing C-Corporations, S-Corporations, and Partnerships, are governed by distinct tax forms and deadlines for submitting returns. For instance, C-Corporations face taxation at the corporate level, while both partnerships and S-Corporations operate as pass-through entities, channeling income to the individual returns of owners or partners. Furthermore, businesses with employees must fulfill payroll tax return obligations.
C-corporations necessitate filing form 1120, detailing their annual income and expenses. Such corporations encounter double taxation, where remaining year-end income is subject to corporate tax paid by the corporation.
S-Corporations and Partnerships
S-Corporations and Partnerships, as pass-through entities, adhere to different filing procedures. S-Corporations file form 1120-S, whereas partnerships utilize form 1065. Unlike C-Corporations, these entities do not generate their own tax liability. Instead, net income retained by the corporation or partnership at year-end is distributed among owners or partners. Each individual receives a form K-1, reflecting their share of income for reporting on their personal tax return.
Although partnership and S-Corporation income evades corporate-level taxation, these entities might still face individual tax obligations. Timely submission of form 1120-S or 1065 is crucial to avert substantial failure-to-file penalties. Equally, failure to meet deadlines for mandatory 1099s or W-2/W-3 forms attracts penalties. These penalties are applicable to C-Corporations as well, carrying significant consequences.
Payroll Tax Returns
Any Michigan business with employees is obligated to file payroll returns, achievable through forms 944, 941, and 940. Compliance entails submitting federal tax deposits and accurate returns. Form 941 is quarterly, while form 940 is an annual requirement. Failure to adhere to these obligations can lead to substantial corporate liabilities. If these debts go unpaid, the IRS might personally assess taxes against responsible parties.
Resolution of Business Tax Balances
For businesses delinquent in back taxes, the IRS extends various resolution settlement options. These include payment plans based on a 24-month schedule or the business’s capacity to pay. Additionally, businesses might qualify for Currently Non-collectible status or an Offer in Compromise.
The IRS typically assigns a Revenue Officer to facilitate tax resolution. This officer ensures tax returns are filed, and mandatory tax deposits are made. They scrutinize financial statements and business assets to ascertain payment ability. Under certain circumstances, a Revenue Officer can transfer unpaid taxes from a previously closed business to a new one owned by the taxpayer.
What to Do If Your Business Owes Back Taxes to the IRS
Accrued business or corporate tax arrears can rapidly transform into an overwhelming debt jeopardizing your company’s sustainability. While addressing last quarter’s payroll balances, new ones accumulate. Meanwhile, interest and penalties accrue, accompanied by IRS notices. Juggling these challenges amidst day-to-day business operations results in years passing by, and a debilitating debt emerges. Subsequently, an IRS Revenue Officer may initiate an in-depth audit of your business records.
If your business confronts back tax liabilities, procrastination is unwise. Seek assistance from Austin & Larson Tax Resolution. We can aid your Michigan business in rectifying outstanding tax obligations. We serve as your advocate with the IRS, diligently addressing pending business tax returns and resolving outstanding IRS liabilities.
Allow us to manage the IRS while you concentrate on your business endeavors. Contact us now at (866) 668-2953. We’re prepared to explore and implement the optimal tax relief strategy 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 Jackson, MI