Owing the IRS
Emerge 180 Assists Companies with IRS Tax Liabilities
TAMPA, Fla., June 24, 2014 /PRNewswire-iReach/ -- Four Common Taxes
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"Tax regulations that affect business abound," says Jonathan Field, CEO of Emerge180. "While you may not become an expert, it's important to know the key taxes that affect running your business."
940: Employer's annual federal unemployment tax.
941: Employer's withholding tax normally paid on a quarterly basis.
1040: Personal Income Tax. Self-employed individuals use Form 1040 to report business revenue and expenses which means that they indirectly pay business income tax through their 1040.
1120: Corporate Income Tax. Only "C" Corporations pay federal income tax.
- "S" Corporations file Form 1120-S. Income is distributed to the shareholders of the business and they include this income on their personal income tax.
- Partnerships file Form 1065. Income is distributed to the partners and they include this income on their personal income tax.
- Limited Liability Companies (LLC) may file either as a corporation (Form 1120) or as a partnership (Form 1065).
Civil Penalty: Of individually assessed penalties the Trust Fund Recovery Penalty is the most common. It equals 100% of trust fund taxes left unpaid to the IRS. Any officer or owner of the business, as well as any employee with direct involvement in the payment of payroll taxes can be held fully responsible to take care of this debt.
Consider Potential Penalties
"When the economy or other factors pull your company down financially, one area that may hit you is tax issues," says Jonathan Field, CEO of Emerge180. One area of expertiseEmerge180 offers clients is help with pressing tax issues. Having your business under the scrutiny of the IRS, and struggling to resolve the potential rising fees or simply paying the bills creates increasing stress for you.
Become Familiar with Your Companies Specific Needs
Taxable items surround us. Some common state taxes include income tax, withholding tax, sales and use tax, property tax and unemployment tax. In addition to these other taxes cover things like tobacco, alcohol, food and beverages. The list goes on. Cars, fuel, hotels, vehicles, estates and inheritance are taxed. Keeping on top of these can be hard to do when business slows.
Facing the problem and getting help early makes a big difference in the outcome. Sometimes it's possible to negotiate terms and other times an expert is essential. Some of these taxes have different names in different states. Emerge180 commonly works with the above noted taxes.
About Emerge180
Emerge180, a national firm based in Tampa, Florida, has been helping businesses avoid financial disaster since 1993. As experts in creditor negotiations and tax resolution services, Emerge180 helps businesses work through financial crises, and creates plans that re-position their clients for success. An A+ Accredited Business with the BBB, Emerge180 has facilitated the financial turnaround of thousands of companies…and, in so doing, the preservation of tens of thousands of jobs.
Media Contact: Media Relations, Emerge180, 1-800-805-1138, [email protected]
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SOURCE Emerge180
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