Tax Workouts and Disputes
Becoming delinquent on IRS and state taxes can create severe stress on individuals, but businesses have the additional stress of payroll taxes, sales taxes, inventory, and business property taxes. Delinquent taxes can wreak havoc on a business and in severe cases a business can be closed down on very short notice.
Recently a small businessman came to see us. The Indiana Department of Revenue was about to levy his business because of overdue sales taxes. They were going to freeze his operating account, which would prevent him from making payroll, and paying suppliers. This would have started a downhill “snowball effect” that would have eventually caused his business to fail. We were able to negotiate reasonable monthly payments spread over two years which prevented the tax levy that would have frozen his account.
Several years ago, an elderly couple came in who owned five franchise operations in the beauty business. Because cash flow was tight for their business, they had not been paying payroll taxes. This essentially amounts to embezzling from the federal government, which is a very serious offense. They owed the government close to $1 million in back payroll taxes. We were able to negotiate with the IRS for our client, so that they had time to find a buyer for their five stores. Ultimately we were able to buy them almost a year of time to get the business sold and, best of all, keep them out of jail! Needless to say, they were very happy to be able to ease into retirement.
Sometimes small businesspeople come to us too late in the process, and give us no time to negotiate a settlement or workout. This happened recently when a restaurant owner came to see us two days before the Indiana Department of Revenue was going to close the doors of her business. In this case, we began a Chapter 13 payment plan for her, in which we were able to spread her payments out over five years– allowing the business to remain open. Imagine how quickly a restaurant can lose loyal customers when their favorite restaurant isn’t open on a Saturday night, with no explanation!
We also have had success with challenging property tax assessments. Recently, I was able to settle taxes on a commercial building for a five-year period, giving back to my client a refund of tens of thousands of dollars. And, of course, we help businesses and individuals with IRS negotiations and Offer in Compromise.
If you are stressed over delinquent IRS, IDR, payroll, property, or any other taxes, please call us today at (317) 266-8888 or email
firstname.lastname@example.org for tax relief.
Note: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.