As a business owner, you know everything there is to know about your industry. You could be an expert on your specific business, but how much do you know about business taxes?
If you are like other business owners, you might not know a lot. Luckily, there are professionals who can guide you through the basic and specific tax problems your business might face.
A tax resolution specialist is the ideal expert you’ll want to work with for any tax issue. Keep reading to learn about their role in a small to medium-sized business.
A tax resolution specialist can help businesses deal with complex tax predicaments. They will act as intermediaries between tax authorities, such as the Internal Revenue Service (IRS), and taxpayers.
A tax attorney, enrolled agent, or certified public accountant can become a tax resolution specialist if they pass a certification course that includes education and examination requirements.
The specialist has to complete a certain amount of hours of continuing professional education covering tax resolution and have a full year of experience handling tax resolution cases.
Lastly, the candidate has to pass a comprehensive two-part exam on this topic as well. Once they receive a certification, they must continue their professional education over time to stay up to date with new changes.
They can negotiate, mediate, and help resolve your business’s tax-related issues. Their tailored solutions help address unique business financial circumstances.
These services can help your business stay compliant with tax laws while alleviating the stress and uncertainty that come with tax problems. Some of the issues they can assist with include:
By understanding the tax code, your business will minimize penalties and develop an installment payment agreement when necessary.
Tax resolution specialists will walk your business through the process of resolving your issues. These are the steps a tax resolution will follow to help you out:
When you meet with a tax professional, they will need a clear picture of your financial background. Bring any supporting documents that can act as helpful information.
With the provided information, the specialist can create a customized plan of attack. They can translate any legal language into terms that you can better understand.
The role of the tax specialist specifically will depend on why you need to hire the specialist. We’ll walk through the common ways tax specialists help businesses and discuss what they can do in detail.
If your business routinely fails to file taxes, especially if it’s been many years, a tax resolution specialist will dig through your records and help you straighten everything out.
Although this is going to be a financial burden on your end, it will be helpful to gain back control of your finances and be able to file for yourself in the future.
When you miss your tax filings, you might owe a lot of debt to the IRS. They will attempt to get the money they are owed through aggressive collection techniques. This can add to an already stressful situation.
A tax resolution specialist will negotiate repayment on your behalf and put you in the best possible position to get out of tax debt. They are beneficial if you want to prevent the situation from getting worse.
Owing the IRS a large tax liability is a problem, but the Internal Revenue Service offers businesses a solution. They could approve a payment plan to resolve the debt.
A tax resolution specialist will create a realistic payment plan that doesn’t cause additional hardships.
If you are a business owner who made the mistake of using your personal financial accounts for business, you likely have bad records to show for it.
Combining business and personal finances leads to tax return inaccuracies and will make your financial problems worse.
Untangling the mess is best completed by a professional who can make corrections without creating more errors. In the meantime, you can set up a business checking account and apply for a business credit card to begin the separation process.
If you were unable to meet business tax obligations because of circumstances beyond your control, you might qualify for relief.
Incurring penalties when you tried to meet your tax responsibilities may qualify you for First Time Penalty Abatement or Reasonable Cause Penalty Abatement.
A tax resolution specialist will help you apply for these programs if you qualify and will put together documentation to show for it.
If your business faces an audit, a tax resolution specialist familiar with tax law and the process of audits can help. These professionals will work on preparations and answer questions that the IRS might have.
The IRS has certain tax triggers that every business should be aware of, even though businesses aren’t audited as much as you might think. Avoid these six things to avoid being audited:
Additionally, if you think the IRS made an error, a tax resolution specialist can help you dispute their findings. They will know the right forms and documentation to argue your case.
If you have a small or medium-sized business, you have a tax responsibility. If you fail to file taxes and owe the IRS a significant amount of debt, a tax resolution specialist can help.
These professionals have the certifications necessary to help with a variety of complicated tax issues.
A Polston Tax, our tax resolution services will help guide your business and defend you when the process calls for it. Our experts can take charge of your finances so that the stress is off your shoulders.
Let us take care of your business taxes. Schedule a free consultation with us today.
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