Relief for Business Tax Problems - Serving Pittsburgh-area Businesses
Small businesses are crucial to the health of our economy here in Pittsburgh, but as committed these business owners are to growing their business, it’s a harsh reality that an alarming number of business owners in the Pittsburgh-area experience business tax problems at some point. When you’re spending blood sweat and tears trying to build a profitable business, the last thing you need is the stress and distraction of an IRS business tax audit or accruing tax penalties!
Business tax problems tend to occur within these 3 categories:
Payroll Tax Problems
Payroll tax problems can lead to the seizure of your business’ assets by the IRS. When business’ experience slow cash flow, you may be tempted to borrow from the money set aside to pay payroll taxes. Payroll taxes are Trust Fund Taxes and if you don’t pay them, when due, you can be certain that you will hear from the IRS. Failure to pay payroll taxes is one of the most serious types of tax problems a business will face.
Worker Classification Issues - Employee or Contractor?
Your workers may or may not be independent contractors, despite the way you choose to treat them for tax purposes. If you treated them as contractors, when they were employees under law, then you will owe payroll taxes on the compensation you paid them. To make matters worse, you’ll owe penalties and interest because of your failure to pay payroll taxes when due.
Overstated Tax Deductions
If you overstate deductions or under-report your income on your tax return, it goes without saying that you will owe back taxes, as well as penalties and interest. Even in the case of honest mistakes, you’re going to owe the IRS more money than if you had just paid the tax on your full income in the first place. The characterization of items of income and expense are not always crystal clear. A Business tax problems attorney can help you accurately calculate your business taxes to minimize your back tax burden to the IRS.
Get relief for your business tax problems, today!
If you are a Pittsburgh-area business owner and want to resolve your tax problems, and proactively plan to maintain healthy tax status in the future, contact us for a FREE consultation about your business tax situation. (412) 927-1055