Tuesday, July 1, 2014

Tax Issues For Businesses Include State Employment Taxes as well as 941's.

Businesses that are having growing pains and who fall behind on their taxes - often find that they not only owe the IRS for 941's but State tax withholdings as well. If you are in California, for example, you might owe the EDD. Just as in the case of resolution of 941's, resolution of a state withholding issue has the following general outline:

1. Is your business going to grow and remain solvent? If this is the case - some kind of payment agreement needs to be negotiated by you or your tax professional and then later a request to waive penalties can be requested.

2. Is your business destined for dissolution and closure ? If you just can't make your business work - you might consider shutting down. Your professional will help mitigate the damage to you personally.  Quite possibly - you personally might avoid any kind of assessment. 

3. Do you believe in your business - yet believe you'll need to dissolve your entity and start over?  You might have had a bad couple of years but believe your business model has a future. If this is the case just like in example #2 above - you might consider dissolving your entity and starting from scratch with a new entity. Your tax professional will help you mitigate the damage to you personally. You'll just have to be a model business in your next go-around and be sure to be current on taxes.

Owe State Withholding? Owe 941's? Let's look at your specific situation together. Call us at 1-888-282-4697. Marty Griffith, tax resolution expert at watax.com or EMAIL us HERE and we'll contact you!


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