What about the past? Businesses have been through hard times with the unrelenting tax obligations of the past, and many of them are still paying for it; literally.
Costa Mesa, CA (PRWEB) December 16, 2011
The IRS recently released a newsletter stating that a law has been passed that will repeal to strict tax requirements placed on businesses. Generally, businesses are required to send in many reports and are robbed of overpayments due to recapture. The IRS states; “The President signed Public Law 112-9, Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 into law. The Act: Repeals the expansion of information reporting requirements to payments made to corporations and to payments for property and other gross proceeds; repeals the expansion of information reporting requirements for rental property expense payments; and Increases the amount of overpayment of the health care credit which is subject to recapture.” http://www.irs.gov.
While this is outstanding news for businesses, as far as the future goes. What about the past? Businesses have been through hard times with the unrelenting tax obligations of the past, and many of them are still paying for it; literally. Back taxes being owed by a business is no shocking news in the tax world, and they can be hit even harder than an individual. When the IRS goes after a business with garnishments and bank levies, this affects many people. Payroll can’t be paid, business expenses get behind and businesses begin to go under. Tax professionals are helping businesses every day get back on their feet, or simply settle a matter on a business that they no longer run. The future looks bright for those owning a business or people who aspire to, don’t let back taxes hold you back.
About the company: Ideal Tax Solution, LLC is located in Costa Mesa, CA and provides tax negotiation services, preparation and is a collection defense specialist. Their Tax Attorneys, IRS Enrolled Agents, CPAs, Senior Tax Consultants have over 55 years of combined experience working to help American tax payers with the IRS and State Tax Agencies. Ideal Tax boasts an “A” rating with the Better Business Bureau earned through providing excellent services.