Business Tax Resolution Services of New York

Local businesses in New York City and its surrounding communities remain a staple for the local economy, but a vast majority of these hard-working business owners at some point encounter crippling tax problems. As a local business ourselves, we can relate to local businesses of the Big Apple, and we believe the blood, sweat, and tears invested to grow a business shouldn't be jeopardized by the IRS or State of New York.

Business Tax Problems - The Main Culprits

1. Payroll Tax Debt

Payroll tax debt is a very slippery slope, as they can easily arise due to some simple oversights by a business.  Sometimes when a business experiences a slow period of cash flow, it's tempting for business owners to dip into the money set aside for payroll taxes.  The IRS takes payroll back taxes very seriously, and if you fail to pay them, the IRS can, and will enforce their vast collection powers against you, whether it's assessing crippling penalties, or seizing your assets, and even shutting down your business.

2. Worker Classification Issues - Employee or Contractor?

1099 or W-2? This question may be an easy decision for most business owners, but improperly classifying your employees can lead to serious problems with the IRS or State of New York. There is strict criteria that requires a business owner to file a W-2 when necessary, and the IRS will take action against you if you fail to follow these guidelines.

3. Overstated Tax Deductions

Understandably, business owners want to deduct as many expenses they can on their tax returns, but many business owners fly too close to the sun when it comes to claiming deductions.  The IRS has a comprehensive procedure of monitoring business deductions, and if they feel you are taking advantage of the system, they will exercise an audit, and can issue liens and levies against you if they deem necessary.

 

Settle and prevent business tax problems

If you are business owner or representative in the New York area that has existing business tax problems, or interested in taking a proactive approach to prevent ongoing business tax problems, we are ready to speak with you today. For a free personal business tax consultation, call  (347) 308-5811.

The Pure Tax Resolution team