Relief for Business Tax Problems - Serving Washington D.C. area Businesses
Local businesses in Washington D.C., Maryland, and Virginia are crucial to the health of our economy, but as successful and hard-working these business owners are, it's a harsh reality that a vast majority of them encounter business tax problems of some kind. As a local business ourselves, we believe that the blood, sweat, and tears you put into your business should not be overshadowed by tax problems, as they can prove to be very detrimental to the well-being of any business.
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 the IRS will do everything in their power to collect them, and will not sympathize with business owners who do not comply.
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 classify them as contractors, when indeed the IRS or State regulations label them as W-2 employees, then you will owe payroll taxes on the compensation you paid them. To make matters worse, you’ll owe penalties and interest because of the classification error.
Overstated Tax Deductions
If you overstate deductions or under report 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 as opposed to paying them in full in form of quarterly estimates throughout the year. The characterization of items of income and expense are not always crystal clear. Whether you are currently experiencing back taxes and penalties as a result, or would like proper consulting to avoid these issues, our business tax resolution experts can help.
Settle and prevent business tax problems
If you are a business owner or representative that would like to address your existing business tax problems, or interested in taking a proactive approach to avoid tax complications, we are ready to speak with you today. For a free personal business tax consultation, call us today at (412) 927-1055.
The Pure Tax Resolution team