Tax season can be stressful for any business owner, but what if you can’t pay your business taxes by the deadline? While it’s not ideal, it’s important to remember you’re not alone. Here at FSL Tax & Accounting Services, we understand that financial difficulties can arise, and we’re here to help you navigate your options.
First Things First: File on Time, Even if You Can’t Pay
Filing may seem counterintuitive, but filing your tax return on time is crucial, even if you can’t pay the total amount owed. Failing to file altogether will result in much steeper penalties and late fees than simply delaying payment.
Explore Payment Options
The IRS offers several programs for businesses struggling to pay their taxes. Here’s a breakdown of some common options:
- Installment Agreements: You can spread your tax debt over a manageable monthly payment plan. The IRS offers various plans with different durations, depending on your specific situation.
- Short-Term Extension: If you need extra breathing room (up to 120 days), you can request a short-term extension to file and pay. This option has a processing fee associated with it.
- Currently Not Collectible (CNC) Status: In cases of severe financial hardship, the IRS may temporarily suspend collection efforts on your tax debt. Remember, interest and penalties will continue to accrue during this period.
Seek Professional Help: We Can Guide You Through the Process
Navigating the IRS’s payment options and determining the best action can be overwhelming. Our experienced CPA team can analyze your financial situation and help you choose the most suitable solution for your business. We can also assist you in gathering the necessary documentation and communicating effectively with the IRS.
Remember, the IRS is more likely to work with you if you’re proactive and transparent about your situation. Contact us today before you receive a collection notice, and let’s find a resolution together. Call 678-702-7218 or complete the online form if you need more time to pay your business taxes.
