Experienced Lawyer in Chicago area talks to businesses that owe IRS taxes, payroll taxes, personal liability or withholding tax issues.
Debt to the IRS and Illinois Department of Revenue are often the most difficult to settle. It takes the right negotiator to convince these institutions to settle for less than what is owed. If your business owes either income, payroll or sales taxes, you must seek immediate help because over time the penalties and interest accumulate your business owing an even larger, more unmanageable, debt to the IRS. Doing nothing can lead to severe consequences; such as tax liens, levies on bank accounts, and seizure of property.
At EZ Business Bankruptcy & IRS Solutions, we negotiate with the IRS and Illinois Department of Revenue to reach the most favorable settlements possible for our clients. When it comes to the future of your business, and your individual financial well being, you need an experienced counselor by your side. EZ Business Bankruptcy & IRS Solutions has experience working with both the financial and legal aspects involved to resolve your issues.
Listed below are several settlement options your business may want to consider:
- Offer in Compromise (OIC) allows the taxpayer to permanently settle their tax debt for less than the full amount owed to the IRS. Recent changes to the IRS “Fresh Start” program have made it easier to qualify for these options.
- OIC Lump Sum Payment: Taxpayer submits an offer to the IRS for less than the amount owed and attaches a 20% of the total offer amount with the application. If approved there are several other steps that follow.
- OIC Periodic Payment: Taxpayer submits an offer to the IRS for less than the amount owed along with their initial payment. The taxpayer continues to pay the remaining balance in monthly installments while the IRS considers their offer.
- Installment Plan: a payment plan can be negotiated which stalls all enforcement proceedings by the IRS or Illinois Department of Revenue.
Business Tax Settlements
With an effective negotiating strategy, it is possible to reach a favorable settlement and put your business tax controversy behind you. Settlement options include an “Offer in Compromise” (OIC) where you make a lump sum settlement offer to the IRS for less than the amount owed, or an installment agreement. Recent changes to the IRS “Fresh Start” program have made it easier to qualify for these options. Business bankruptcy is another way to discharge tax debts under certain conditions, but going this route could open the door to other complications, so it should only be done as a last resort.
If you have a business that is under audit or facing a mountain of IRS tax debt, contact EZ Business Bankruptcy and IRS Solutions today at 708-888-2299 for your free consultation. EZ Business Bankruptcy and IRS Solutions will put our experience to work for you to help you navigate the rough waters of IRS tax law and work toward a favorable resolution. Our law offices represent clients with business IRS issues in Chicago, Tinley Park, Orland Park, Oak Lawn, Mokena, Frankfort, Orland Hills, New Lenox, Will County, Cook County, DuPage County, Kendall and Kane Counties.