Frequently Asked Questions About Business Tax Issues
At Mockensturm, Ltd., we are committed to giving local businesses the answers they need to their questions. As a firm focused on tax and debt issues, we have the knowledge and skills to help you resolve any debt issue your business is facing, from audits and appeals to tax planning and compliance.
How Does An Offer In Compromise Work?
If you are unable to pay your tax debt or if paying the debt would create a financial hardship for your business, you may be able to negotiate an offer in compromise with the IRS or Ohio Department of Taxation. An offer in compromise allows you to pay less than the amount your business owes in taxes. In order to obtain an offer in compromise, it is important to have an attorney represent you who can negotiate on your behalf and protect your business interests.
What Is An Installment Plan?
An installment plan is a payment plan so you can catch up on unpaid taxes and resolve your tax debt. An attorney can help you negotiate an effective payment plan for your business.
How Do You Deal With A Wage Or Bank Levy?
The IRS and Ohio Department of Taxation have the authority to seize your wages and your accounts to pay your tax debt. If you have received notice of a levy or if your finances have been seized, you should act quickly and proactively to resolve the issue. You may be able to negotiate a payment plan, an offer in compromise or other solution to your tax debt issues.
How Do You Catch Up On Back Tax Filings?
If you have missed filing past years, it is important to file as soon as possible. Failure to file can lead to serious penalties. To complete and file past returns, gather all financial information you can from the missed tax filing years. Then, complete the appropriate forms from the year you did not file.
Our attorneys can help you through this process to ensure you are in compliance with the state and federal tax laws. We have a team of full-time tax preparation professionals available to complete missing returns from any year that needs to be filed.
Why Do I Need A Lawyer For Business Tax Issues?
An attorney can act as your advocate and help you avoid potential pitfalls when negotiating with the taxing authority. When looking for an attorney to represent your business, you should look for a lawyer who has extensive experience handling complex tax matters. It can also be beneficial to hire a firm that has CPAs on staff who have the knowledge and insight to ensure your tax issues are resolved efficiently and effectively.