Manage episode 347117857 series 2989229
Do You Owe the IRS over $100,000?!?
A six-figure debt usually causes panic, especially for small business owners. With the IRS, the longer you wait, the more interest, penalties, and potential for collections for actions against you.
There are three things you should do.
First, get a collection hold on your account. See if there's an agent assigned to your case. Get their information.
Second, get into compliance. File any unfiled returns. Determine your current income, assets, and what needs to be protected. Look for a settlement of monthly payment you can negotiate with the IRS.
Third, identify the root cause of your back taxes. This can be improper planning. Unaddressed problems will only continue. To fix this, set an estimated tax payment schedule. Know your estimated income. Sometimes, you can do tax planning or change an LLC partnership to an S-corp. Maximize deductions and improve your bookkeeping.
These simple steps will help you resolve your situation and stop it from happening again.
JLD Tax Resolution Group can help you solve a complex tax problem with ease.
Schedule your free consultation at 201-479-2572 or visit www.201tax.com.