As small business owners, we have a lot to keep track of. And with so much going on in our personal and professional lives, it's easy to let the two blend together. Some things must be kept separate, however, and money is at the top of the list.
A common surprise for our small business clients is that we ask them to provide us with personal financial information to resolve their business tax debt. Naturally, this creates apprehension.
In most cases that I've seen, the IRS comes up with a much higher ability to pay than the taxpayer. The discrepancy is often due to the implementation of IRS' Collection Information Standards. They're used to limit monthly expenses.
A major component of the IRS collection system is the Deadline Date. IRS Revenue Officers typically agree to deadline dates 30 days out. Here are a few tips.
Can't afford a tax pro. The Low Income Taxpayer Clinic (LITC) list contains the contact information of organizations in every state that offer low to no cost assistance to Individual taxpayers (not businesses) that cannot afford representation.