I own a corporation in California, and i owe payroll and federal taxes.Is there any way to negotiate the debt?

My business has not been doing good, so Im behind on the taxes. What would anyone suggest a way to negotite the debt so the penalties dont keep stacking up?

sure, go to IRS.gov/resolution, or call the toll-free # in the phone book....just have to file some papers, don't be afraid to ask...it's not asking or answering that will get you in more trouble...

I hope not.

pay them.

communication is the best call and talk 2 them explain the situatioin ignoring will only make itworse

Probably easier to negotiate the federal taxes than payroll taxes. The IRS gets pretty sticky about back payroll taxes, since that's somebody else's money that you withheld from their paychecks, then didn't send in like you were required to.

But calling and asking, putting your situation on the table, before you get any further behind would be a good idea.

Tags

　　Capital Investment 　　Business Investment 　　Business financing 　　Business Invest 　　Business Debt 　　Bond Investment 　　Angel Funds 　　Alternative Investment

Related information

With all the Gov. Money out there, How can I get the goverment to help me with debt relief?

All that government money out there is my tax dollars so what you're basically saying is you want me to pay your bills??? I've worked hard too. I pay my taxes AND my bills.

...

In NSW business partnership law, is each partner liable for 100% of debts?

That is correct. Partners in all partnership - not just NSW are jointly and severally liable.

...

Why it is good policy for a business entity to provide for an allowance for doubtful debts?

Because unfortunately, some sales on account may not be collected. Business owners know that some customers who receive credit will never pay their account balances. Customers go broke, become unh...

Business Bank Accounts UK with poor credit. Companies that guarantee to open 1 for a fee - trustworthy?

Hi, Firstly let me tell you that the previous person stated that if you can prove that it was not your debt then you can ask to be set aside. Yes correct! but the key point is that if you were coha...

Which type of business arrangement would be best for them?

There are many questions that are not answered in your request. We do not know how much money the day care center will be making, nor the financial positions of the 2 principals. Without that inf...

Can they take my business?

They can take your house, car, TV, cooker, or anything else that can be sold at auction from your home. Any money in your personal or business accounts. Your stock, office computer, filing cabine...

Is chapter 11 bankruptcy only for business uses? What types of bankruptcy are for personal debts?

Chapter 11 is for businesses. If you are an individual you would file under chapter 7 or chapter 13. But if you are an individual that owns a business, chapter 11 might be more appropriate. This...

Business going Bankrupt, need advise!?

First of all contact an attorney or accountant and see about getting incorporated immediately. Laws vary from state to state, but it makes no sense to start a business with your personal assets no...