{"id":537,"date":"2016-10-25T08:49:36","date_gmt":"2016-10-25T08:49:36","guid":{"rendered":"https:\/\/directcpa.com\/?p=537"},"modified":"2016-09-24T20:52:44","modified_gmt":"2016-09-24T20:52:44","slug":"business-skeletons-closet","status":"publish","type":"post","link":"https:\/\/directcpa.com\/es\/business-skeletons-closet\/","title":{"rendered":"Does Your Business Have Skeletons in the Closet?"},"content":{"rendered":"

\"skeletonsNot every new company starts off with perfect tax habits, but it is important that you learn from your mistakes and correct them as you go. It is always best to correct any IRS issues voluntarily rather than being forced. A company that does not comply with the IRS rules and regulation may be subjected to severe consequences. Learn the 5 most devastating mistakes that a company can make. \u00a0\u00a0\u00a0<\/span><\/p>\n

5 Tax Skeletons You Need to be Worried About.<\/strong><\/h2>\n
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  1. Not Filing Tax Returns: <\/b>Did you know that the IRS will assess a tax liability to you if did not file? \u00a0<\/span>If you have not filed a return, the IRS will assess an exaggerated tax amount, charge you penalties for failure to file, plus interest on top of what you currently owe. \u00a0The amount due from this IRS assessment is usually larger than the actual tax penalties and interest due compared to a taxpayer filed return.<\/span><\/li>\n
  2. Stock Ownership Transaction<\/b>: Buying and selling incorrectly or not completing proper documentation.<\/span><\/li>\n
  3. Contingent Tax Liability:<\/b> If you did not file your business taxes accordingly, you may face serious consequences from the tax authorities. In addition to facing the tax penalties and interest, the business\u2019s stakeholders (investors, bankers, employees, vendors and tax authorities) may lose confidence in the business\u2019s \u201cCertainty as a Going Concern\u201d, ultimately causing them to abandon the company because of the appearance that business may not be able to operate as an on-going business concern for the long term. \u00a0 \u00a0<\/span>Consequences of Your Business Lacking \u201cGoing Concern\u201d:<\/span>\n