Businesses, specifically small businesses, are the backbone of the US economy. In fact, last year alone, the US government collected a whopping $370 billion in corporate taxes. This marks a 75% increase from what it collected in the previous year.
While paying Uncle Sam is non-optional, plenty of businesses struggle with taxation issues. This almost always leads to hefty fines and even criminal charges. If your business is having trouble with taxes, then it’s high time you sought tax resolution services.
Tax resolution services are tax problem resolution services offered by tax professionals. These professionals work with the IRS on your behalf to help you settle your tax debt or straighten out issues with tax records.
Join us today as we highlight a few benefits of hiring a tax resolution service for your business.
Ensure Your Business Is Fully Compliant
Arguably the most important benefit of tax resolution services is that they ensure your business is compliant. This means that you’ll be up-to-date on all tax laws, which in turn minimizes the risk of being penalized by the IRS.
A tax compliance specialist will help you understand the tax code and ensure your business is in compliance with all tax laws. This is important because the tax code is constantly changing.
For example, the Tax Cuts and Jobs Act (TCJA) was passed in late 2017 and it made major changes to the tax code. Even back then, if your business wasn’t in compliance with this new tax law, you could face penalties. Remember, ignorance is no defense.
Help You Meet Tax Deadlines
Tax resolution services help you meet tax deadlines. In doing so, they help you sidestep the late filing fee, which is usually
The late filing fee is usually five percent of the unpaid taxes for each month or part of the month that the tax return is late. This means that if you’re even one day late in filing your tax return, you could owe the IRS a significant amount of money.
A tax professional can help you file your tax return on time so that you don’t have to worry about this late fee that could eat into your profits.
They Speedily Resolve Tax Disputes
For businesses with tax disputes, these resolution services can help you resolve it quickly and efficiently. This is important because the sooner you resolve the tax dispute, the sooner you can get on with running your business.
A tax professional will work with the IRS to resolve your tax dispute as soon as possible. They’ll also help you understand the nature of the tax dispute process and the entire resolution process. After solving the issue, they’ll show you what to do to prevent tax disputes in the future.
Expert Advice From Experienced Tax Professionals
Working with the best tax resolution companies means getting expert advice from experienced tax professionals. These tax experts have years of experience dealing with the IRS and know exactly what to do to get the best possible outcome for your business.
They’ll also offer valuable advice on how to run your business in a tax-efficient way. This is important because tax efficiency can help you save a ton of cash in the long run. It also gives you a competitive edge over your competition.
The Protect Your Business Rights
The IRS has a lot of power, and can easily take advantage of you if you don’t know your rights. For instance, the IRS can garnish your wages or seize your assets if you don’t pay your taxes. However, they can only do so if you know your rights and understand the tax code.
A tax professional will help you understand your rights as a taxpayer. They’ll also negotiate with the IRS on your behalf to ensure that your rights are protected. This is important because it can help you keep more of your hard-earned money.
Help Obtain Better Deals From the IRS
If you’re facing tax problems, it’s important to hire a tax professional to help you negotiate with the IRS. The IRS is often willing to negotiate payment plans or settlements.
Negotiating with the IRS by yourself won’t do you much good. A tax expert will know exactly what to say and do to get the best possible outcome for your business. They can even help you work out a forgiveness plan with the IRS.
Help Protect Against Tax Liens and Levies
If you don’t pay your taxes, the IRS can place a tax lien on your property. This means that the IRS has a legal claim on your property. The tax lien will stay on your property until you pay off your tax debt.
The IRS can also levy (seize) your assets if you don’t pay your taxes. This includes your bank accounts, investments, and even your wages. A tax professional can help you negotiate with the IRS to avoid tax liens and levies.
They can also help you set up a payment plan that works for both you and the IRS. That way, you don’t have to worry about losing your precious possessions when the IRS comes knocking.
Gives Your Business a Competitive Edge
Tax problems take a lot of time, energy, and resources to resolve. This can take away from the time and money you spend running and growing your business.
A tax professional can help you free up more time to focus on your business. They can also help you lower your taxes, which gives you a competitive edge over other businesses in your niche. Plus, they can help you sidestep hefty penalties, which can easily put your business in the gutter.
Hire Tax Resolution Services
Taxes should help grow the country, and not burden your business. If your business is having tax issues, hire tax resolution services as soon as you can. With all the above benefits, you have nothing to lose but much to gain.
Just remember to do your digging before hiring a tax resolution company. Note that only reputable companies can give you the benefits discussed above. That’s why you should contact us for professional and expedient tax resolution.