Written by Minneapolis Pure Tax
Resolution for Business Tax Problems - Serving Minneapolis, MN
Business tax problems can arise in a number of ways and affects businesses of all sizes, in any industry. Because Minnesota ranks 3rd highest in corporate income tax, its businesses are particularly prone to business problems. Most business tax problems occur because business owners do not have much experience with the IRS’ requirements. They may blindly fail to file business returns or use their limited funds to pay operating expenses instead of putting that money aside for payroll taxes.
In sum, business tax problems tend to fall into three buckets:
Payroll Tax Problems – Form 941
Payroll tax problems are serious business tax problems. If you failed to file a Form 941, you must do so or the IRS may take action. Our local Minneapolis Pure Tax help tax accountants can quickly file this form for you to. If you fail to pay these taxes, you will eventually be forced to pay the initial amount with added penalties and interest.
Increasingly, employers have been trying to avoid paying their employment taxes by falsely classifying their employees as independent contractors. If the IRS suspects that you have misclassified your workers you will receive a notice challenging your tax return. This should not be taken lightly and requires the help of a tax resolution professional, as you may be subject to substantial back tax liability, penalties, and interest. Our local tax attorneys at Minneapolis Pure Tax would be happy to work with you to ensure the most favorable determination in how your workers are classified.
Filing your taxes tends to be confusing to taxpayers, but it is important to remember that we all make mistakes. Sometimes the IRS may disagree with how you've characterized an expense. If the IRS has challenged your return or questioned a deduction, our local tax attorneys at Minneapolis Pure Tax Help can help you to get a successful resolution.
Contact our business tax professionals today for a FREE consultation.