Expert Tax Resolution in Lake Saint Louis
Unpaid back taxes you owe the state, federal, or local government can accumulate penalties and interests over time. If this goes on for years without a tax resolution plan, the IRS may decide to recover the due amount by seizing or placing liens on your property. These tax problems can happen to anyone at any time and it's crucial to have a tax professional you can turn to for advice.
At JC Herren Co LLC, we understand the legal obligations of being a taxpayer, and we are ready to help you navigate even the most complex tax issues. Our team of enrolled agents and certified CPAs will take care of the tax resolution processes for all types of businesses, corporations, or individuals within the 50 U.S. states. We also have extensive experience providing tax resolution for airline pilots. Call us today and let us know of the tax issues you are facing, and we'll be glad to help.
Common Tax Problems for Businesses
With years of industry experience, we offer confident service in all areas of tax resolution and accounting. Our Lake Saint Louis tax resolution experts will evaluate your bookkeeping to ensure accounting problems or errors aren't misinforming your financial decisions, which could have severe consequences for both your taxes and your business' financial health.
A lack of financial and tax education can lead many business owners to face tax challenges, including:
- Reporting Issues: Depending on your company's structure, you may be operating a pass-through tax entity or C corporation. Sole proprietorships, partnerships, limited liability companies (LLCs), and S corporations are all viewed as pass-through tax entities, which prevents them from being impacted by double taxation. While this can be extremely beneficial, it's essential to understand which forms you need to file to remain compliant with IRS guidelines. Failing to provide critical information or preparing the wrong forms can lead to significant penalties, fines, or back taxes.
- Separating Expenses: Another tax problem facing mid-sized businesses is the failure to distinguish between personal and business expenses. The consequence is a possible loss of personal property. For example, if the court decides to evaluate your expenses after solid evidence of blended assets, it may rule that you aren't entitled to limited liability in operating your corporation.
- Record-Keeping: Tracking all your personal and business transactions can be hectic, especially if you are already handling a high number customers. To avoid accounting issues, tax management headaches, and potential legal ramifications, you want to work with a trusted tax professional who will guide your every step and advise you on the most beneficial tax opportunities.
Lake Saint Louis Payroll Tax Resolution
Trusting an experienced enrolled agent with your budgeting, bookkeeping, and taxes can enormously benefit your business. We'll provide access to valuable information that can help prevent poor financial decisions, possible lawsuits, and other issues that could negatively impact your company's bottom line.
More often than not, business payroll problems are a result of poor budgeting. Most business owners end up digging into their savings to deal with debts or pay regular bills. JC Herren Co LLC will help make sure your budgeting is solid and realistic so you can proactively plan for your company's financial future.
Professional Guidance for Tax Audits
Succeeding in business sometimes means distinguishing what is right from what is wrong. At JC Herren Co LLC, we will help you understand taxes, expenses, profits, bookkeeping, and more. This way, you will have a better grasp on the factors impacting your business and its bottom line.
As part of our Lake Saint Louis tax resolution services, we will lead you through the process from start to finish. We handle everything from talking to the IRS to creating payment plans and drafting installment agreements. Types of IRS audits we can help with include:
- Correspondence Audit: A correspondence audit is received through the mail. In this situation, the IRS sends you a letter requesting additional documentation or information regarding your taxes.
- Office Audit: An office audit occurs at your local IRS office. Typically, there are one or two items on your return that require greater clarification during your face-to-face meeting with an auditor.
- Field Audit: A field audit is carried out at your office or another agreed-upon venue, such as your enrolled agent's place of business.
Offer in Compromise (OIC)
An offer in compromise (OIC) is an agreement with the IRS that allows you to settle your debt for less than the total amount owed. We will help you determine if you qualify for this tax resolution option and whether you should take it or seek a better alternative, such as IRS one-time forgiveness.
Your Trusted Enrolled Agents for Tax Resolution in Lake Saint Louis
Running a business can be challenging, but it doesn't have to end in a series of court battles and hefty fines. By understanding and complying with all the tax laws within your jurisdictions, you can make it easier to survive in the highly volatile business environment.
Our tax resolution experts at JC Herren Co LLC will work to understand your business and help you maintain tax compliance and avoid problems with the IRS. With tax resolution in Lake Saint Louis, you will have more time to focus on what truly matters — growing your business. We are passionate about our job, and we're fully committed to helping your company navigate all the hurdles to emerge above and beyond the competition. Schedule a consultation today!