Balancing Tax Debt in Long Island City, NY
Every business must deal with the complicated tax laws surrounding their unique situation, which can be stressful for the owner. Mistakes on tax returns can cause overpayment or get you in trouble for not paying enough. As a business owner, you do not always have the time to guarantee your tax return is just right.
Our CPA is experienced in, and passionate about, helping companies overcome the obstacles of tax law. Peter A. Burgos CPA, P.C. provides business taxes and problem resolution services to companies in Long Island City, Midtown Manhattan, Astoria, and the surrounding communities.
Filing Company Taxes
The structure of your business has a significant effect on the tax status of your venture. Sole proprietors, partnerships, LLCs, and S-corporations do not require the business to file its own tax return, with all income being taxed on the owners’ or shareholders’ personal tax returns. If your company has incorporated as a C-corporation, then both you as a shareholder and the company as an entity must each file a tax return.
The business tax services of Peter A. Burgos CPA, P.C. includes preparing both individual tax return for business entities that do not file their own tax returns and business tax returns for company structures that do. We look for all applicable deductions for your company and you, while making sure to protect the accuracy of your return so no future problems occur.
Receiving an audit notice from the IRS can be worrying. If the IRS finds any mistakes on your current or previous tax returns, they can perform an audit, and if you are found to owe, will attempt to seize money, property, and other assets to pay off the debt. When you hire Peter A. Burgos CPA, P.C. as your business tax support, we also provide tax problem resolution for you and your company.
The backbone of our resolution services is IRS representation. Peter A. Burgos CPA, P.C. will represent your interests before the IRS, so you do not have to face their auditors alone. Once we meet with them, we can work to create a reasonable plan of action to pay off the tax debt owed. If your tax debt is great enough that it would take the IRS would be unable to collect the full debt, we may be able to establish an offer in compromise. You agree to pay a reasonable portion of the tax debt, and the IRS agrees to waive the remaining debt.
If you and your significant other filed your taxes jointly, then this same debt may be threatening your partner’s personal finances. Innocent spouse relief is when we work with the IRS to make sure that you, not your partner, is the only one paying the tax debt.
Contact Us Today
Peter A. Burgos CPA, P.C. helps businesses in Long Island City, Midtown Manhattan, and Astoria navigate the worlds of tax filing and tax problem resolutions. To find out how else Peter and his staff can best help your company thrive, contact our firm today to schedule a consultation.