Help for Small Businesses
Nearly 96% of all businesses in the U.S. have fewer than 10 employees. While the complexity of financial accounts has changed how many small businesses operate, nearly 50% currently have no CFO or financial controller managing their accounts (Source: Wall Street Journal). IRS reports confirm there are millions of small businesses and small business owners who are plagued by tax problems associated with back tax debts. In 2014 alone, the IRS assessed $2.1 billion in civil penalties against business income tax filers. (Source: IRS).
Timberline partners with business owners to find the best solutions for business tax liability situations like:
Tax Penalties – Business tax penalties can cripple an organization. Many taxpayers often find out about tax problems many years after they have occurred. This causes the amount owed to be substantially greater due to tax penalties and interest…sometimes reaching as high as 75% to 100% of the original taxes owed. Compounding these issues are the broad powers the IRS and State taxing authorities have in seizing business (and even personal) assets to pay off outstanding liabilities. Timberline can determine whether you qualify for tax relief through a penalty abatement. Plus, as your representative, Timberline can safely negotiate payment terms that enable you to stay focused on your business.
“We partner with small business owners to find the best possible resolution for business tax liabilities.” Tax Liens – When you discover that you have an IRS or State tax lien, you should take it seriously. Tax Liens can damage your credit and make it difficult to obtain new lines of credit. Because a Notice of Federal Tax Lien is a matter of public record, your creditors and anyone you know can learn about your problems with the IRS. Timberline can help you by addressing the underlying cause behind the federal or state tax lien by settling your tax problems for good.
IRS or State Tax Levy – This is a specific action taken by taxing authorities to issue a bank levy to get cash for back taxes directly from your checking or savings accounts, and even accounts receivables. There are often established steps that Timberline can take to reverse bank levies and retrieve part or all the funds taken by the taxing authorities. In addition, we provide our clients a roadmap to protect their accounts, wages and assets going forward.
Payroll Tax – The IRS considers a payroll tax deposit to be their money and are very aggressive in their collection of past due payroll taxes. Stiff penalties and interest begin to accrue immediately. If the IRS can make the case that the failure to make the deposit was intentional, you could be looking at criminal prosecution. If your business is facing payroll tax problems, you need to develop a strategy for resolution as soon as possible. Avoid meeting with any IRS or State representatives regarding delinquent payroll taxes until you have first called Timberline to discuss your options.