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Don’t let tax problems keep you up at night.
Every year, thousands of business owners struggle with complex tax problems that shouldn’t have spiraled out of control in the first place. From back taxes and IRS notices to penalties and mounting interest… stress is building up.
The big issue?
Business owners know how to run a successful business. Solving complex tax problems with the IRS isn’t their core competency.
That’s why more and more business owners are outsourcing their complex tax problems to professional tax resolution services.
This article breaks down exactly why business owners should stop stressing about tax problems and start outsourcing to professionals.
What you’ll learn:
- Why Business Owners Are Facing More Complex Tax Problems
- The True Cost of Taking On the IRS Alone
- A Step-by-Step Breakdown of Tax Resolution Services
- 3 Signs You Should Hire A Professional To Help With Taxes
Why Business Owners Are Facing More Complex Tax Problems
Did you know that dealing with taxes is the number one frustration for small business owners today?
According to the NSBA’s latest Taxation Survey, 90% of small businesses reported that federal taxes and administration have some impact on their day-to-day operations. The most frustrating part of dealing with taxes? IRS complexity and administration.
Federal tax complexity is killing small businesses.
Over half of business owners polled admitted that obtaining tax information directly from the IRS is challenging. When business owners don’t fully understand what the IRS wants or needs from them… tax problems spiral.
It doesn’t take a genius to see why professional tax resolution services are growing in popularity.
Business owners are spending more and more time dealing with federal taxes each year. Now add in a stressful IRS audit, tax lien, or penalty notice…
The stress and complexity is too much to handle alone.
The True Cost of Taking On the IRS Alone
Here’s a fact most business owners don’t know…
Trying to resolve tax problems alone will often cost more money.
The IRS sticks to a strict formula when dealing with taxpayers. Missing a deadline, sending the wrong form, or overlooking a critical piece of information… can destroy negotiation chances.
Here are a few things that happen when taxpayers don’t know what they’re doing:
- Increased penalties that grow every month a tax problem remains outstanding
- Tax liens against business assets that impact credit and borrowing ability
- Wage garnishments and bank levies that take cash flow directly from the business
- Loss of negotiation options that could have reduced total debt
Oh, and it doesn’t stop there…
The IRS is also becoming more aggressive at collecting back taxes.
For example, the IRS collected $77.6 billion dollars in unpaid taxes during fiscal year 2024 through enforcement alone. This represents a 13.6% increase from just one year prior.
Taking on the IRS alone is almost always an uphill battle.
A Step-by-Step Breakdown of Tax Resolution Services
Here’s exactly how tax resolution services work.
Tax resolution companies specialise in one thing… helping clients resolve tax debt and problems with the IRS. Not only do they know tax resolution inside and out, but they know how to successfully navigate the IRS’s processes and systems.
Curious about what a typical tax resolution process involves? Here’s a breakdown:
- Tax resolution services begin with a thorough review of the tax situation and outstanding liabilities.
- They’ll evaluate all available tax resolution options. From payment plans to Offers in Compromise, there’s almost always more than one way to solve the problem.
- The tax resolution service will speak directly with the IRS on the taxpayer’s behalf. No more dealing with them directly.
- Working within the IRS guidelines, tax resolution experts will negotiate with the IRS to reach the best possible outcome to reduce or eliminate the tax debt.
Think about how much time gets saved by outsourcing tax resolution.
Professional tax resolution services allow business owners to focus on what they do best… running their business.
That’s a pretty sweet deal.
But here’s another awesome thing about tax resolution…
Taxpayers often have options to pay the IRS less than what they think they owe.
Things like Offers in Compromise allow qualifying taxpayers to negotiate their total tax bill with the IRS. By law, the IRS accepts these agreements so the opportunity is there. It’s just a matter of finding it.
However, these programs aren’t for everyone. They come with strict eligibility guidelines and the application process can be tricky.
Which is why most people get rejected.
3 Signs You Should Hire A Professional To Help With Taxes
Still not sure about hiring professional tax help? Here are three tell-tale signs a tax resolution service is needed.
You Received An IRS Notice Or Letter
Quick, grab that IRS letter off the desk. Whatever happens… DO NOT ignore it.
Every IRS notice comes with a deadline. Missing the deadline will most likely exacerbate the problem and reduce options to solve it.
Hiring a tax resolution service can help. Tax experts can decipher IRS notices and letters, explain them clearly, and respond to the IRS in a timely manner.
Your Tax Debt Is Increasing
Tax problems don’t get better with time. They get exponentially worse.
Tax penalties and interest grow monthly on outstanding tax debt. So a $50k tax bill today… becomes a $75k problem in a year without any payments.
Tax resolution companies can help taxpayers save money by reducing tax debt through negotiations with the IRS.
The sooner action is taken, the more money gets saved. It’s as simple as that.
Your Business Is In Jeopardy
IRS tax levies, liens, and seizures are every business owner’s worst nightmare. Once the IRS begins pursuing business assets, options become extremely limited.
A tax professional can help. Tax resolution companies can work with the IRS on the business owner’s behalf to help save the business.
Remember, the IRS doesn’t care about the business. They enforce tax law. Always be sure to act quickly after receiving an IRS letter regarding business tax matters.
Bringing It All Together
Professional tax resolution services help business owners navigate complex tax problems with the IRS. Tax problems shouldn’t keep anyone up at night. While tax complexity is making things difficult for business owners, tax resolution companies work for the sole purpose of making tax problems go away.
To recap:
- Tax resolution companies specialise in handling tax problems and negotiations with the IRS
- Professional tax resolution services allow business owners to stick to what they do best. Running their business.
- Taking on tax problems alone will often cost more money
- Taxpayers have options to settle their tax debt for less than 100% of the total amount owed
Want less stress?
Stop stressing about tax problems. Hire a professional tax resolution service to resolve tax debt.