Taxes can be a complicated issue. Many small businesses, unfortunately, find themselves having to deal with back tax problems. If you’re not intimately familiar with the ins and outs of state and federal tax law, trying to navigate your company’s tax liabilities can be a challenge. But running into tax problems isn’t the end of the world, especially if you have a team as experienced and knowledgeable as ours in your corner. Here at J. R. Martin & Associates, we offer comprehensive tax resolution services to small businesses throughout the Redding, CA, area. Here are just a sample of some of the tax problems that we can assist with:
Failing to file a tax return can be very problematic. Not only can you be charged stiff penalties by both the IRS and the state, but they can even file a return for your business (referred to as a substitute for return). If this occurs, they will do so without any credits or deductions that would have been beneficial to your business. When you file a late return, your return will be inspected with even more scrutiny than before. Having a professional tax resolution service file your late return for you will ensure that there are no inaccuracies or errors and make sure you return to good standing with the IRS.
If your business owes back taxes, the last thing you should do is ignore the IRS. You can rack up penalties and interest, which can be exceptionally costly for a smaller business. And the longer you go without paying them, the greater the chance that the IRS will take drastic measures, such as seizing assets. Fortunately, our team can work with the IRS or state government to come up with a solution to avoid such drastic measures. We can help you get caught up with your back taxes and keep the potential consequences to a minimum.
Cash accounting allows businesses more financial flexibility over the short-term since they do not have to pay taxes on sales that they have closed if they haven’t received payment for that sale during that tax period. Accrual accounting would require that you report and pay taxes on any invoice you’ve created during that tax period, even if it hasn’t been paid yet. However, you don’t always have a choice between the two types of bookkeeping. There are certain restrictions in place requiring businesses to use one form of accounting or the other (such as the type of entity your business is organized under, the number of sales you’ve generated, and more). We can determine if you’re required to file using a specific type of bookkeeping. We can also help you switch accounting methods and ensure that you file your returns correctly based on the chosen method.
Payroll tax problems aren’t as uncommon as you might think. Many businesses run into payroll tax issues at some point or another. For instance, they might:
If your business runs into any of these problems, we can help set them straight so that you can regain your good standing with the IRS. With our team in your corner, you can also avoid any further payroll tax problems in the future.
If you’ve been audited, then you’ll want to make sure that you work with an experienced tax resolution team. We can help gather all of the financial information and documentation requested by the IRS and communicate with the auditors on your behalf. It doesn’t mean you necessarily did something wrong just because you’ve been audited. Audits can be random — however, most audits are not. Besides helping you comply with the audit, we will also help negotiate and appeal the results if the assessment is not favorable.
If your business does owe back taxes or cannot afford to pay the taxes owed by your due date, we can work with the IRS to create a payment plan. By creating a payment plan, you can remain in good standing with the IRS and avoid getting hit by costly penalties.
Paying taxes and filing your returns is a time-consuming and stressful task as it is. Unfortunately, due to how complicated the tax process can be, there’s always a chance that you may run into problems. Here at J.R. Martin & Associates, our team of tax experts can provide you with tax resolution services to help deal with any tax-related issues that come up. We can help unburden you of the time and energy required to solve such issues and provide you with peace of mind knowing that we will solve any tax-related problems you have on your behalf.