No one wants the Internal Revenue Service (IRS) knocking on their door. However, most are clueless when it comes to knowing what you should do if you can’t pay your business taxes.
Unfortunately, taxes are a part of everyday life in this country; like death but scarier. For entrepreneurs, the issue has become increasingly more complicated and expensive. Thankfully, there are options if you find yourself unable to pay your business taxes.
Is There Help Available When You Can’t Pay Business Taxes?
When you don’t have enough cash on hand to pay your business taxes, it is very stressful. Instead of tearing your hair out, calm down and call Financing Solutions (www.fundmypayroll.com).
With Financing Solutions, you can apply for fast business funding in as little as 15 minutes. They will make a decision on your application in a few hours and you can have the cash you need to pay business taxes in less than two days.
In addition, receiving quick business funding from Financing Solutions will not create further problems. You can repay the money in a few weeks or months, when your cash flow improves. More than 90 percent of the companies that apply are approved.
What Are the Consequences for Not Paying Business Taxes?
Mark Twain once quipped that the difference between the IRS and a taxidermist is that the taxidermist only takes your skin. Indeed, the IRS has proven to be especially tough on companies that do not pay their business taxes.
The IRS has the authority to collect business taxes any way they can. This includes placing a lien on business assets and charging hefty fines, penalties and interest on funds owed.
Additionally, the business owner as well as any directors or executives of the company can potentially be held personally liable for the debt. If the IRS determines that fraud was involved, jail time is also a possibility.
Questions to Ask Before it is Time to Pay Your Business Taxes
First of all, it is important that you hire a professional to handle your business taxes, no matter how small your business. These days, it’s simply too risky to do them yourself. While you may gain a bit of financial awareness about your business situation by doing them on your own, you don’t want to get it wrong and then have the IRS on your case.
Also, you want to make sure you understand the letters that appear after your accountant’s name. A CPA has difference credentials than a CFP or EA. In addition, you should ask who will sign your tax return. Beware of preparers who refuse to sign.
It is also important to ask about their procedures if you get audited. Find out about any costs to fix mistakes and whether they will represent you in front of the IRS or in court.
Another question to ask before you pay your business taxes is how to contact Financing Solutions. With their help, you don’t have to worry about not being able to pay business taxes.