Most businesses do not find themselves in financial trouble because of bad products or services. After the famed initial five year period that weeds out the wheat from the chaff, most companies in financial trouble are there because of the Internal Revenue Service.
The Internal Revenue Service has virtually unlimited power whenever it decides to audit a business. Tax debt is a burden that does not go away – it just continues to grow and cause more problems for a business owner the longer that the issue is left unresolved.
From the very first notice that a business owner receives in the mail from the IRS, a reputable tax attorney should be called. In Utah, one of the most reputable tax debt relief firms is the Gilland Law Firm.
IRS notices should not be ignored even for a second. The IRS can levy the payroll of the business, seize assets and even dip into the Accounts Receivable in order to pay back debts that it says that your business owes. If you choose to ignore notices, you are not considered innocent until proven guilty. With the IRS, it is the other way around. Ignoring a notice basically confirms your guilt to the agency and allows them to move forward with more aggressive tactics of collection. If nothing else, you should immediately handle IRS notices in order to put off paying them immediately.
What can the IRS do to collect from my business
The Internal Revenue Service can do basically anything that it wants up to and including shutting down your business and liquidating all of your assets in order to collect from you. It will usually not take this drastic step at first, however. Here are a few things that the IRS is known to do to businesses in order to collect an alleged tax debt.
First, the IRS has the ability to take over payroll. This means that a business owner will not be able to pay his or her employees; that money will go directly into the pocket of Uncle Sam.
Second, they can also seize and liquidate the assets of your business and even your personal assets. If you are in a business such as transport or textiles that relies on large hardware, this can destroy your company. The IRS has even been known to liquidate computers without allowing companies to back up proprietary information.
Third, the IRS has the power to reach into your bank account and your future bank accounts. This means that all of your personal and business accounts are at risk no matter the type. Certificates of deposit, mutual funds and other investments as well as long term investments such as IRA accounts and pension accounts are up for grabs if you do not take care of your tax problems as soon as humanly possible.
If you do not have the money to cover a tax debt by liquidating assets and stealing money from your employees, the IRS can liquidate the monetary value of your business, effectively putting it up for auction to the highest bidder. Although this is usually the last step in a process, it is completely legal and has been done. Do not underestimate the willingness of the IRS to take your company from you.
Can payroll tax problems be fixed?
Payroll problems are perhaps the most difficult of IRS problems. Not only are they attacking your livelihood, but also the livelihood of the people who entrust their livelihoods to you. It's a dirty tactic; however, there are ways to fix them.
At Gilland Law Firm, we will take advantage of every delay tactic and extension that you have available to you under the law to give you time to prepare your payroll. While we are giving you time to keep your employees paid, we will be preparing your records so that you can properly show the IRS the records that they need to see.
Why work with a lawyer to fix tax debt problems
A lawyer will have access to many more options than the layperson. The court system tends to respect the opinion of a professional attorney more readily than that of an individual who is representing him or herself. Things that a court would allow if brought forward by an attorney might not be allowed if brought forward by an individual, especially if the IRS argues well against the measure with no professional opinion to counterbalance the decision of the court.
A professional attorney like the specialists at Gilland Law Firm will also be able to better administrate your case against the IRS. If you miss deadlines or certain paperwork is not filed, then you may lose certain rights that cannot be retrieved. The scare tactics of the IRS are meant to make you do just this. However, an attorney who is experienced at dealing with such tactics will be able to protect you from them.
There is also an emotional component to getting audited or otherwise harassed by the IRS. You are under a great deal of pressure, especially if the livelihoods of your employees or family are put at risk. You should not have to make financial decisions under that kind of emotional pressure. Gilland Law Firm will be able to direct your mindset without the emotional pressure, helping you to make better decisions for yourself, your company, your family and your employees.
The IRS will also not be able to pressure you into quick decisions with Gilland on your side. Without an attorney, you will likely cave into the first and worst option that the IRS gives you. Simply retaining an attorney can help you to save money even if you do not want to take the case to court.
Tax debt relief programs for businesses
There are many solutions that are available to you if you act quickly. The earlier that you call Gilland Law Firm, the faster that you can put the following solutions to work for you:
With penalty abatement, a tax debtor can actually reduce the amount owed to the IRS by around 25%. There are new policies that have expanded the number of people who are eligible for the penalty abatement program. If you have been unemployed or if your income is below a certain threshold, you have a much better chance for qualifying - but you will only know for sure with the right lawyer on your side.
An installment payment agreement
You do not have to pay the IRS all at once. There are options available for affordable monthly payments to the government agency over a term. This should be done if you owe less than $10,000 in back taxes; otherwise, you will need to consult a tax professional and Gilland Law Firm in order to gain full access to all of your options.
Contrary to what many people believe, bankruptcy is one of the options on the table when dealing with the IRS. However, bankruptcy is one of the more complicated legal procedures that a person can undertake. When the IRS is the opposing side, you had better be sure that you have the right kind of legal defense on your side with Gilland Law Firm. Rest assured that even if you try to protect yourself and your business using Chapter 7 or Chapter 13 bankruptcy, the IRS will do its best to interpret the law against you in order to extract money.
Hardship status may actually give you the option to completely forego paying off IRS debts for a while. This is also referred to as a "Currently Not Collectible" account. This is one of the options that Gilland Law Firm can put to work for you so that you can at least get some time in order to get money together. It is a temporary solution, but combined with some of the other strategies that we have, it is a solution that works.
The statute of limitations
Just like any other type of criminal or civil case, the IRS only has a limited amount of time to collect back taxes from you. For the most part, this period is ten years. This can be used to your favor: For instance, in some cases you can use hardship status in order to extend your payments beyond the statute so that they end up not having to be paid at all. If these strategies are available to you, you can believe that Gilland Law Firm will be on top of it for you.
Innocent spouse relief
If your finances are being held hostage by the IRS because you filed a joint return with your spouse or former spouse, you may have the option of "Innocent spouse relief" available to you. This can completely alleviate your tax debt in some cases and drastically reduce it in others.
Why work with our law firm
The Gilland Law Firm has years of experience dealing with the IRS with hundreds of successful outcomes for clients. The reputable experts here will ensure that your business stays alive while getting rid of your tax debt burden through a detailed strategy that ensures your compliance with Utah law as well as with federal law.
Dealing with the Gilland Law Firm is also a good move because you know you will have the most experienced attorney on the job for you. We do not pass off work to inexperienced paralegals or rookies – when we say that you are working with the attorney in the picture, then that is who will be handling your case.
We will develop a specialized plan that will address your tax debt relief needs specifically. We will make sure that this plan keeps you current with Utah law as well as federal law.
We have created plans that have done the following:
- reduced back taxes for our clients
- fixed payroll tax problems for client companies
- removed tax liens from the IRS on your personal income and on your business
- stopped tax levies
- conducted IRS appeals
- taken advantage of offer-in-compromise (OIC) rules that allow for a 75% reduction in tax debt
Give us a call at our Utah office at (801) 444-9302 so that we can put decades of experience to work for you. Do not let the IRS destroy your hard earned business based on a few notices in the mail. Keep your payroll solvent and your company open with the help of Utah tax attorney Gilland Law Firm.