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Business Tax Resolution

Business Tax Resolution in Staten Island, NY

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When it comes to tax resolution for your business, there’s no substitute for expertise. At Accounting, Tax, & Audit Services Shibu P. Thomas, EA, MBA, MS, we apply our wealth of knowledge and experience to find answers, maintaining honesty, integrity, and diligence at every step. Taxes can cause serious financial problems for any business if not filed and paid on time.

Accounting, Tax, & Audit Services Shibu P. Thomas, EA, MBA, MS will act as a go-between for your business and the IRS. Our team is knowledgeable about tax-related matters and has the skills to negotiate solutions that are favorable to your business's financial status. If your business is facing tax issues, bank levies, back taxes, or collections, call our Staten Island tax resolution specialists for assistance.

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Experienced Support to Minimize Liability

Shibu P. Thomas helps clients avoid audits with year of expereince dealing with the IRS

Tax resolution includes a range of services that help your business deal with any issues with the IRS. Our team of experts can help you resolve these issues permanently or minimize the debt to the lowest amount allowed by tax laws.

When the IRS starts contacting you, it’s time to hire a tax resolution specialist. You can eliminate endless calls and letters by delegating our professionals to represent you. We can help you explore different payment options and eventually reduce the debt significantly.

Like any other agency, the IRS can make a mistake. In case you believe that they are claiming more than your business owes them, you should ask our specialists to review your files to clear the matter. Worrying after receiving an IRS notice is normal, especially if you don’t have the knowledge or experience to resolve your tax problems. However, with our support, you can eliminate or minimize any interests or tax penalties.

Understanding Sales Tax

Sales tax is a tax imposed by the state government on the sale of goods and services at retail. When you sell in different states, you may be responsible for remitting and collecting sales tax in every state you operate.

Tax rules are complicated. As an international business person, you may be unaware of your tax responsibilities. You might also be making additional payments. We will help you understand sales tax rules and resolve any issues with the IRS. We offer different sales tax resolution services ranging from sales tax responsibility analysis, state compliance summary, and minimizing or even eliminating sales tax debt.

More states are expanding sales tax on tangible goods and services, increasing the chances of sales tax calculation mistakes and audit problems. Sales tax laws are unique between states, and we know how to review the laws and give a summary for every state you do business. Some of the taxable services include:

  • Services to real estate property: Services comprised of any work done on land and buildings such as janitorial services or landscaping.
  • Tangible personal property: Most states tax both services to TPP and sales of TPP at the same rate. The services include repairs and improvement of property or car repair.
  • Personal services: These include businesses that offer self-improvement services, including massages, animal grooming, and tanning salons, among others.
  • Business services: This category includes services provided to companies and businesses such as credit reporting, telephone answering, extermination services, and credit bureaus.
  • Recreation and amusement: Most states impose a tax on charges to amusement parks and recreation events such as professional sports and concerts.
  • Professional services: Services offered by healthcare professionals, attorneys, accountants, and other licensed professionals fall under this category. They are the least taxed services.

Take Advantage of Direct Deposit

Man Taking Photo Of check To Make Remote Deposit In bank

The fastest and best way to receive your tax refund is through a free electronic deposit into your account. This IRS program is referred to as direct deposit. The program can be used to deposit the refund to a maximum of three accounts.

Approximately eight out of ten taxpayers receive their tax refunds safely and securely via direct deposit. This transfer system is also used for veterans’ affairs and social security benefits into numerous accounts, making it a very efficient program. Using both IRS e-File and direct deposit is the easiest and fastest way to get your refund. Most refunds are issued in less than 21 days. The process is easy if you use e-file. You might, however, need the help of a tax specialist who can help ensure that you provide the correct details.

Minimize Self-Employed Tax Liability

If you are a business owner, the government considers you self-employed. Self-employment tax is determined by your business’s net income. These taxes are directed to the Social Security Administration for Medicare and Social Security eligibility. Self-employment taxes are not deducted from your income. In this case, you need a tax specialist to calculate the liability and ensure that you pay only what you owe. The amount you owe IRS includes both self-employment tax plus income tax.

The Internal Revenue Service considers you self-employed if:

  • You are a partner of a limited liability company or partnership that files U.S Return of Partnership, Form 1065, and carries on a business or trade.
  • You run a business or trade as a sole proprietor.

Common Self-Employed Tax Concerns

Tax problems are common among self-employed individuals. The IRS expects you to file and pay taxes voluntarily. Like most business owners, your attention is likely focused on running your daily operations, and it can be easy to miss something when filing so that you pay too much or too little.

Some of the common tax problems business owners encounter include:

  • You may not know how to file your taxes
  • You owe the IRS a vast amount from failing to pay your quarterly taxes
  • You have years of unfiled business tax returns
  • You have not resolved your back-tax balances
  • Your funds have been frozen or garnished by the IRS
  • Your customers have been instructed to pay the amount they owe you directly to the IRS

Payroll Tax Liability and Representation

Payroll liabilities include employee income tax withholdings such as Medicare, social security, federal and state income tax. Payroll liabilities are withheld and paid in the future, making it easy to miscalculate. Failing to clear your payroll tax liabilities can be more severe than other tax-related penalties. They can freeze your accounts, close down your company, or even sell your assets.

However, even payroll tax problems can have workable solutions. Payroll tax representation can provide you with answers; don’t face the IRS alone. Accounting, Tax, & Audit Services Shibu P. Thomas, EA, MBA, MS experts in Staten Island understand how to resolve payroll issues and provide effective maintenance for the protection and continuing growth of your company.

Experienced Audit Representation

Businessmen sitting at desk headed by middle aged serious concentrated female in eyeglasses checking financial documents before signing them. Tax auditor ready affirm official paper with signature

Our team provides tax audit representation to act on your behalf and handle all the bureaucracy and paperwork of the IRS. As an IRS Enrolled Agent, Shibu P. Thomas has the specific credentials needed to defend your position. He will gather all documents needed by the IRS and attend meetings on your behalf.

Most audits are letters requesting information regarding your tax returns. You will be asked to submit forms that prove your income and deductions. If you get audited, don’t panic and don’t ignore the notice. Ignoring the IRS letter is the worst mistake you can make, as it only leads to higher stress and greater fines for you.

As your audit representative, we can request for more time to prepare the tax documents. We understand how the IRS operates and can give you sound advice on your next move. We can help you answer their questions and submit all the documents requested. An audit is a means to clear your name, along with the following benefits:

  • You will not make unnecessary payments, thus saving money.
  • Your rights as a taxpayer will be protected.
  • The amount you owe the IRS might be reduced or even eliminated.
  • Audit representatives can defend or appeal the audit.
  • Business tax laws will be interpreted for you.

Comprehensive Solutions for All Your Business Tax Needs

Tax preparation and planning are vital if you want to minimize your tax liability. Business tax regulations change often and can be difficult for a business owner to keep up with. Our tax resolution specialists employ excellent strategies to help you reduce tax liabilities and get back to the important aspects of growing your business. Call us today and discover how we can help!

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