Owning and operating a company can be a demanding endeavor and there might be various types of challenges that may arise nearly every day. The topic of taxes is something that remains a relevant concern for many business owners and while most individuals in Georgia may feel it vital to remain current on tax obligations, things might not always be so simple. Business owners who encounter issues with past due business tax debts may have concerns about the possible ramifications involved and about the steps to take to protect the longevity of their endeavors.
Facing tax debts
Business owners who face tax debt concerns may find it helpful to take a variety of steps to confront the situation. Experts indicate that even if business owners feel they will be unable to pay their debts, it is still advisable to file tax returns. Those facing past due taxes may benefit from exploring any payment plans offered by the IRS, and the options that are available may vary depending on the situation.
Experts state that there may also be options to help defer tax payments when necessary, such as the Currently Not Collective status. Those who can afford to pay a portion of their business taxes but not the full amount may also find it helpful to seek insight on whether they might be eligible for the Offer in Compromise program. As penalties for past due tax debts can be severe at times, it may also be helpful to ask about qualifications for penalty abatement.
Seeking advice on the options
With numerous options to consider and topics to address, preparing to seek relief from business tax debts can seem a daunting experience. Business owners in Georgia who struggle under the weight of debt might choose to speak with an experienced attorney for advice on all their available options and on how to choose the best course of action with which to proceed. An attorney can evaluate the situation a client is facing and help prepare a strategy to reduce or eliminate tax debt burdens via the appropriate methods.