Sometimes business owners are faced with the choice between making payroll or making the payroll tax deposit. Keeping current on payroll tax obligations is one of the most daunting issues you will face as a business owner. Falling behind on your payroll taxes will result in large penalty and interest assessments, making it even harder for you to stay current. If you are having trouble staying current with your payroll tax obligations, our advice is to file payroll returns even if you can’t fully pay what’s due. This helps reduce your overall penalty burden and makes it more likely your business can survive a significant downturn. Our CPA’s and Attorneys will mediate between you and the tax authorities to help negotiate repayment plans you can live with. We can also ensure you are positioned advantageously to reduce your overall tax burden and avoid tax problems in the future.
Falling behind on your payroll taxes will lead to collections actions from tax authorities and, in some cases, even criminal charges. It is estimated that nearly 70% of all small business will have difficulty with payroll taxes during any given year. More than 1 in 4 of these businesses will ultimately have to close because of delinquent payroll obligations. The worst thing you can do is ignore the problem. Our strategy at Mockensturm, Ltd. is to engage the tax authorities as soon as possible to avoid disastrous bank levies and garnishments. Keeping the IRS at bay is the best way to ensure a positive outcome when you can’t immediately pay your taxes. We have found that once we get involved, over 90 percent of our clients will ultimately have a plan in place to survive their tax difficulties and get back on track. Our proven techniques and experience will get you back on track and help you avoid falling behind again in the future. After more than 20 years work in this area of the law, we have earned the trust and respect of local and national tax authorities. They know we will aggressively work to resolve your tax difficulties and as a result, they will often stop collections actions, wage garnishments, levies and other confiscatory actions to allow us the time needed to work through your tax problems and establish a long term plan for success.
At Mockensturm, Ltd, we are trusted by businesses in Toledo, Ohio, and surrounding communities to manage business tax issues and protect them from aggressive IRS, Ohio and City tax collection tactics. We are led by a dual professional -an attorney and CPA – who is highly respected by local and national tax authorities. He is absolutely committed to providing you with the attentive personal service and outstanding results you deserve.
One of the primary services we offer to businesses is assistance in choosing the most advantageous business entity. As you form your business, we can assist you in choosing the correct entity, such as an S corporation, limited liability company (LLC) or a partnership. This planning can save a significant amount in taxes over the life of your business and help you avoid tax-related complications in the future.
You can rely on our attorneys and CPAs to handle all of your business tax issues and protect your well-being now and in the future. We have extensive experience in helping clients achieve “Currently Non-Collectible Status” (ie. Freedom from collection action for a specified time), Offers in Compromise, Penalty Abatement and many other techniques to get you back on track with your business taxes. Contact us today to schedule a consultation.
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