Taxes can be imposed on individuals and companies at federal, state, and local levels. The most common taxes collected from an individual or business include:
- Estates and gifts
It is important to have a clear understanding of your taxation obligations. Mistakes are all too often found after the damages have accrued beyond reasonable repair. Discussing your business practices and procedures with an attorney with taxation experience is invaluable at any phase of growth. Additionally, a tax attorney is able to advise the best route of growth to save your business money for years to come.
If taxes are not paid on time, they become delinquent. Delinquency in payment is subject to collection actions, including being assigned interest on the outstanding amount owed. Over time these delinquencies can accumulate and if not addressed, possibly result in prison time.
Businesses can be assigned more severe damages including, liens, levies, garnishment, and may even have necessary licenses suspended until payment of the delinquent tax is made.
If you have been assessed a tax penalty, you may be feeling that the situation is hopeless. Often times experienced tax attorneys are able to negotiate the debt down and/or negotiate a reasonable repayment plan that allows your business to continue to function and turn profit.