Your sales tax responsibilities as a business owner, will vary depending on the type of organization or entity you operate. Besides state level, estimation of sales tax is also done on municipal or county levels. Payment of state sales tax depends on your sales and your state’s regulations.
This isn’t the sort of thing that your business can ignore. It’s not going to go away by itself. You will begin getting deficiency letters. If the taxes aren’t filed, and some sort of arrangement is made for their payment, then you will face additional interest, penalties, liens, levies, and audits.
Over time the IRS will simply revoke your sales tax number, which will effectively put you out of business. If you are caught selling retail items in your state without a sales tax number, the penalties are severe.
So your small business owes a chunk of Sales Tax What do you do? Bankruptcy will not help you. If you file a bankruptcy on your entity and a personal bankruptcy, it will not do anything to relieve the problem.
When you collect sales tax from a customer, its never considered your money in the first place. It doesn’t belong to your entity or to you personally. Just because its in your bank account doesn’t mean that it’s yours.
You are the trustee, on behalf of the State you are in to get their money. If you fail in your duties to get the sales tax money to the state, then there is no relief available in a bankruptcy proceeding. Tax problems are very serious. Unless you have years of taxation experience dealing with cases like this, do not try to do this yourself. There are several things that can be done to alleviate this situation.
We here at Tax Relief Providers Â have successfully handled dozens of cases. The sales tax returns need to be filed. If we don’t have the money, then it is possible in certain instances, for the State to agree to a payment plan.
The bottom line is to not try to handle this alone. Sales Tax problems are very serious. Unless you have years of taxation experience dealing with cases like this, do not try to do this yourself.
So if you owe unpaid back sales tax we here at Tax Relief Providers have over 12 years experience and our professional staff are ready and willing to represent You in all your sales tax issues.
Tax Relief Providers have helped a countless number of taxpayers throughout the United States, and we can definitely help YOU!
Call Tax Relief Providers 1-888-877-1090.
Do you need Tax Relief?
Then call us today for a free consultation. 1-888-877-1090