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Tax Compliance for Businesses Lawyers in St. Louis Helping You Resolve Your Tax Matters

If you own a business, there are many moving parts to keep track of, like profitability, employee satisfaction, and an ever-changing market. But one huge component of keeping your business running is staying up to date with any taxes that you are required to pay. Occasionally, these taxes fall by the wayside, and business owners may forget to pay on time or are unaware they have to pay certain taxes. This can lead to fines, penalties, and even losing your business license as a final consequence.

Fortunately, with a professional tax attorney on your side, you won’t have to worry about making mistakes on your taxes. Our team at The Law Firm of Lance R. Drury, P.C. is here to assist you and your business regarding tax compliance. Our lawyers can help you with tax planning, ensuring you stay on top of your taxes and their deadlines. And if you’ve already fallen behind, we can help you negotiate with the IRS or your state department to resolve matters quickly. For a free consultation and to learn more about us, call one of our offices today:
Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.

Which Taxes Do Businesses Need to Comply With?

Depending on the nature of your business and the size of your company, there may be certain taxes you don’t have to pay. However, there are some common taxes that most businesses need to comply with.

These taxes include:

Small Business Income Taxes

Similar to individual taxes, small businesses are required to pay taxes on any money reported as income that year. Determining income for a small business can be difficult since it includes the gross income from sales, any business income from other sources, and the costs of goods sold, if applicable. If you run a small business and are unsure how much you have to pay in taxes, contact our office today for help.

Employment Taxes

Businesses with employees must collect and pay employment taxes, typically from their employees’ wages. These taxes usually fund social service programs like social security and Medicare. As a business owner, it’s imperative to withhold these taxes throughout the year and pay them on time. If you’re unsure how to withhold taxes or how much in tax to withhold, a member of our team would be happy to assist you.

Excise Tax

Specific industries may require your business to pay an excise tax, an additional tax collected at the end of the year. This tax can be applied to many industries, but most often is applied to manufacturers or operators of heavy vehicles or those in the coal industry. Your state or the federal government can impose the excise tax. Contact us today to learn more about the excise tax and whether you have to pay it.

What Are Common Tax Issues for Businesses?

Since the taxes you pay can vary from business to business, owners sometimes find it challenging to understand which taxes they must pay and which ones they should withhold money for throughout the year.

Below are some common tax issues that business owners often run into:

Tax Fund Recovery Penalty

Falling behind on your payroll taxes, which are part of employment taxes, can have serious consequences. As soon as your payroll taxes fall behind, the IRS imposes penalties that only get more expensive as time goes on. If you’ve fallen behind on your payroll taxes, it’s essential to reach out to a tax attorney immediately.

Sales Tax

In most states, businesses that sell goods or services to customers are required to collect and pay sales tax. Calculating the correct sales tax amount and collecting it throughout the year can be a significant burden, especially for small businesses. However, not paying sales tax can lead to fines and penalties from the IRS.

Underpayment or Poor Record Keeping

Underpaying your taxes can lead to an IRS or state audit. Unfortunately, if the auditor asks for documentation your business doesn’t have, it can lead to fines, penalties, and further consequences. Keeping quality records of your business’s financials, especially regarding taxes, is essential.

What Kind of Tax Disputes Can a Tax Compliance Lawyer Assist With?

Tax disputes are an unfortunate part of paying business taxes. If you ever accidentally fall behind on your taxes or file your taxes incorrectly, the state government or the IRS may audit your business or impose penalties. If that’s the case, it’s crucial to reach out to a tax attorney on our team right away.

Below are just a few of the tax disputes our experienced team can help you with:

  • IRS audits
  • Late or unfiled taxes
  • Federal tax liens
  • IRS investigations and revenue officers
  • Tax avoidance
  • Installment agreements
  • Overpayment and refund claims

And more. If you are dealing with a unique tax situation, don’t hesitate to reach out today. Our team is experienced in many areas of tax law and would be happy to assist you in any way we can.

How Can a Tax Compliance for Businesses Lawyer Help Me?

Running a business is difficult, and sometimes, paying taxes can slip through the cracks. As a business owner, you want to avoid fines, penalties, or audits from the government. With professional tax compliance for businesses attorney on your side, you can rest assured that your taxes will get filed correctly and on time.

No matter what kind of business you’re in, our team at The Law Firm of Lance R. Drury, P.C. is here to help. Contact us today for a free consultation and case evaluation:
Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.