You Can't Walk Away from Business Tax Debts

In today's difficult economy, many businesses with past-due taxes are tempted to walk away from the problem. However, you cannot walk away from the taxes your business owes. Even if you lose your business, the IRS may come after you, personally.

When expenses of a business exceed its cash flow, many owners use their withheld employee payroll taxes to pay other expenses. If cash flow does not improve, small-business owners may not have the ability to pay these withholding and payroll taxes. Seeking to protect the rights and interests of your business, the law firm of Jeffrey M. Rosenblum, P.C., will conduct a thorough review of your pertinent business information and tax documents to ensure that the IRS assessment was accurately performed and your withholding was correctly calculated.

You Can't Walk Away From Business Tax Debts

Our attorneys combine over 175 years of experience and are familiar with Form 941 (Employer's Quarterly Federal Tax Return). We can assist businesses in assessing payroll tax withholdings in order to help prevent liability and minimize tax consequences, including penalties and garnishment.

  • Has your business failed to file or deposit the payroll taxes as they come due?
  • Has the IRS imposed tax liens against your business?
  • Has the government threatened to shut your company down?
  • Are your company's bank accounts being levied?

However bad your situation may seem, an experienced tax lawyer may be able to minimize the penalties and consequences of failure to comply with tax withholding. We may be able to make various arrangements with the IRS to keep your business open while your old payroll taxes are being paid.

Here are examples of the other types of tax issues we handle for businesses:

  • Sales tax audits
  • Petroleum tax audits
  • Criminal tax charges
  • Business planning and formation
  • Tax planning strategies

Attorney Jeffrey Rosenblum is a former law clerk to the Chief Judge of the U.S. Tax Court in Washington, D.C., and was a tax and estate partner for midsized New York firms for 15 years.

Trust Fund Taxes — Payroll And Sales Taxes

Please remember that failing to pay the payroll taxes or sales taxes for your company may result in you being held personally liable for these "trust fund" taxes. If you were responsible for collecting and paying these taxes, but failed to do so, you may be held individually responsible for the trust fund portion of the payroll tax and the entire amount of the sales tax.

Free Attorney Consultation

We offer a free initial attorney consultation. Call 866-394-2661 to discuss your tax situation and answer your questions. We have offices in Great Neck and Melville on Long Island and in Rockville Centre, in Westchester County.

In addition to being tax attorneys, we are involved in a wide spectrum of general corporate, finance, bankruptcy, real estate and commercial matters.

We are a debt relief agency. The law firm of Jeffrey M. Rosenblum, P.C., helps individuals and business owners file for bankruptcy relief under the U.S. Bankruptcy Code.