Business issues involving IRS tax debt often require immediate attention. Without immediate attention, these issues can escalate and result in serious repercussions that can affect your business and personal life. As a business owner myself, I understand the importance of timely, knowledgeable and beneficial legal advice. At my firm, I will make certain your interests are protected at all times.
At Springs Law Center, I serve the needs of individuals and businesses throughout Colorado Springs in the legal area of tax law. I am attorney David Kelly and I have a proven track record in helping my clients save thousands of dollars from back taxes. I have more than 46 years of legal experience and am committed to protecting my clients' interests. If you owe back taxes or are facing Trust Fund Recovery Penalty (TFRP) issues, I can help.
Trust Fund Recovery Penalty (TFRP)
Withholding money from employees for income taxes and Social Security on their behalf is a system that most businesses use. Those funds are put into a trust fund, where they must be paid to the IRS on a monthly or quarterly basis. Failure to pay these taxes not only presents issues with the IRS — it is technically considered a crime. Also, these taxes cannot be discharged — even in a bankruptcy.
As a business owner, you are held responsible for paying payroll taxes and any other tax-related matters. Even if other employees are responsible for paying the taxes, ultimate liability lies with the business owner. Now, the issue can affect your life from a business and personal perspective. As your lawyer, I will work to mitigate complexities and help you find a solution that is in your best interests.
Paying Off Back Taxes
My job is to help you determine a way that you can get current with your taxes and eliminate future liability for back taxes. I will critically examine your situation, look at the amount that is owed and help you in determining a strategy for budgeting in the future.
The best option is an offer in compromise. Qualified individuals may make an offer to the IRS to pay back a certain amount of the owed taxes after they have become current. If you do not qualify for an offer in compromise, you still have an option. That option is an installment agreement. With the installment agreement, you pay back your taxes over a certain amount of time. This typically lasts about five years.
Serving the Areas of Woodland Park, Fountain, Manitou Springs, Palmer Lake and Pueblo: An Attorney for Help With Delinquent Payroll Taxes
To schedule a free initial consultation, please contact my firm at 719-203-1541. I can also be reached online through a short contact form.