Business Taxes

It’s plain and simple: Business owners are facing an extremely complicated tax climate. Tax laws are in flux, and many businesses are facing the repercussions of payroll tax deferments and the Paycheck Protection Program. In addition, the IRS is hiring nearly 87,000 more agents to help audit more businesses and individuals. 

Gordon Delić & Associates can help you “find the cracks” in your business’s accounting and tax circumstances to achieve tax compliance. The tax industry is facing extreme pressure with changing regulations and even the best accountants are having difficulty keeping up.

If you aren’t 100% confident in your business’s accounting practices or have done your business’s taxes yourself, Gordon Delic & Associates can help you get peace of mind. We can make sure that your business is on track for tax compliance this year and in previous years to avoid incurring massive fees from the IRS. It’s no longer a matter of if your business will be audited, but when.

We’ll ensure that you receive an honest assessment of your business’s situation and options. Contact us to schedule a risk-free and confidential consultation to learn about your options. Attorneys at Gordon Delic & Associates are both accountants and attorneys, making us a one-stop-shop for your business’s tax solutions!

Keep reading to learn more about a few of the common tax issues that many small businesses struggle with:

Business Taxes

It’s plain and simple: Business owners are facing an extremely complicated tax climate. Tax laws are in flux, and many businesses are facing the repercussions of payroll tax deferments and the Paycheck Protection Program. In addition, the IRS is hiring nearly 87,000 more agents to help audit more businesses and individuals. 

Gordon Delić & Associates can help you “find the cracks” in your business’s accounting and tax circumstances to achieve tax compliance. The tax industry is facing extreme pressure with changing regulations and even the best accountants are having difficulty keeping up.

If you aren’t 100% confident in your business’s accounting practices or have done your business’s taxes yourself, Gordon Delic & Associates can help you get peace of mind. We can make sure that your business is on track for tax compliance this year and in previous years to avoid incurring massive fees from the IRS. It’s no longer a matter of if your business will be audited, but when.

We’ll ensure that you receive an honest assessment of your business’s situation and options. Contact us to schedule a risk-free and confidential consultation to learn about your options. Attorneys at Gordon Delic & Associates are both accountants and attorneys, making us a one-stop-shop for your business’s tax solutions!

Keep reading to learn more about a few of the common tax issues that many small businesses struggle with:

Filing For Tax Returns

Filing business taxes can be complicated, even for the smallest businesses. Businesses must file any 1099’s for independent contractors or W-2’s for employees before January 31st each year with both the IRS and the Social Security Administration (SSA) or be subject to penalties.

Businesses also need to file a corporate tax return including 1065, 1120-S, or 1120 tax returns. It’s possible for businesses to save on taxes due to depreciation expenses, however, it’s common for small businesses to make mistakes when determining the right depreciation method, accounting method, and life span of the equipment.

Individuals who own a partnership or S-corp can be responsible for self-employment taxes if they do not file correctly.

Gordon Delic & Associates can help you avoid or fix tax mistakes that could cost your business a lot of time and money. Having experienced tax attorneys who can file your business’s taxes, represent you, and consult on a business structure is a powerful combination that fuels growth. Gordon Delic & Associates provides comprehensive solutions to manage your dealings with the IRS and more.

Filing For Tax Returns

Filing business taxes can be complicated, even for the smallest businesses. Businesses must file any 1099’s for independent contractors or W-2’s for employees before January 31st each year with both the IRS and the Social Security Administration (SSA) or be subject to penalties.

Businesses also need to file a corporate tax return including 1065, 1120-S, or 1120 tax returns. It’s possible for businesses to save on taxes due to depreciation expenses, however, it’s common for small businesses to make mistakes when determining the right depreciation method, accounting method, and life span of the equipment.

Individuals who own a partnership or S-corp can be responsible for self-employment taxes if they do not file correctly.

Gordon Delic & Associates can help you avoid or fix tax mistakes that could cost your business a lot of time and money. Having experienced tax attorneys who can file your business’s taxes, represent you, and consult on a business structure is a powerful combination that fuels growth. Gordon Delic & Associates provides comprehensive solutions to manage your dealings with the IRS and more.

941 Taxes

Gordon Delić & Associates can help your business fix issues related to 941 taxes. We can help prevent or fix mistakes with your quarterly 941 filings and annual 940 filings. If a business fails to turn over the correct amount of funds for their employees’ Social Security and Medicare obligations after withholding them from payroll, then businesses can incur trust fund recovery penalties (TFRP) from the IRS. 

The IRS can be ruthless with TFRPs because they see it as both stealing money from your employees and from the IRS. Even if it’s due to a simple mistake, these penalties can cost business owners a lot of time and money. TFRP’s allow the IRS to go after any responsible party’s personal assets for failing to turn over those funds. “Responsible parties” is defined broadly and can include anyone who has any financial control over any aspect of the business. Contact Gordon Delic & Associates if you’d like to learn more or request a free consultation.

941 Taxes

Gordon Delić & Associates can help your business fix issues related to 941 taxes. We can help prevent or fix mistakes with your quarterly 941 filings and annual 940 filings. If a business fails to turn over the correct amount of funds for their employees’ Social Security and Medicare obligations after withholding them from payroll, then businesses can incur trust fund recovery penalties (TFRP) from the IRS. 

The IRS can be ruthless with TFRPs because they see it as both stealing money from your employees and from the IRS. Even if it’s due to a simple mistake, these penalties can cost business owners a lot of time and money. TFRP’s allow the IRS to go after any responsible party’s personal assets for failing to turn over those funds. “Responsible parties” is defined broadly and can include anyone who has any financial control over any aspect of the business. Contact Gordon Delic & Associates if you’d like to learn more or request a free consultation.

Sales Tax Reporting Periods

Businesses who collect sales tax must report this information to the State tax commission. They must file these either electronically or specifically request the documents with their preprinted information on them. Businesses take this money from customers to then turn it over to the State Tax Commission. The State Tax Commission views these similar to employee taxes since this was extra money taken from the customer that the business is not entitled to. These penalties can escalate quickly if they are not dealt with. Contact Gordon Delic & Associates if you’d like to request a free consultation.

Sales Tax Reporting Periods

Businesses who collect sales tax must report this information to the State tax commission. They must file these either electronically or specifically request the documents with their preprinted information on them. Businesses take this money from customers to then turn it over to the State Tax Commission. The State Tax Commission views these similar to employee taxes since this was extra money taken from the customer that the business is not entitled to. These penalties can escalate quickly if they are not dealt with. Contact Gordon Delic & Associates if you’d like to request a free consultation.

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