Most entrepreneurs quickly gather that owning a business means mastering the ability to steer it through turbulent waters without running aground. Two friends from the State of Washington learned this lesson the hard way, soon after realizing their lifelong goal of owning their own ship and yacht restoration company. The long hours the two men put in to launch their dream business didn’t seem like drudgery, as their days and nights were spent around boats and with other like-minded enthusiasts. What neither of them enjoyed, and what would almost cost them everything, was carefully minding their tax responsibilities and their employees. Several missed Federal tax deposits, coupled with a number of unpaid tax returns led to the accrual of a staggering $351,808 IRS back tax liability. And to add insult to injury, they learned that a trusted employee and friend had been embezzling company funds. It was time for our maritime pals to set a course for still waters. Enter the Tax Experts of M&M.
When the Washingtonians became our client, their business had already hit the iceberg and was taking on water faster than Kate Winslet can say “I’ll never let go.” After their M&M Tax Team gave them a crash course in tax compliance, our clients began making timely Federal tax deposits. We also ordered account transcripts (which detail payment and penalty assessment history) from the IRS, and determined that our clients were missing a number of returns. M&M negotiated workable deadlines for them to both produce the returns in question, and to submit a proposal for resolution to the IRS. The end result was an affordable Installment Agreement for our clients which proved to be their life preserver: $5,000 per month, increasing to $15,000 per month until the liability is paid in full.
Tax liabilities can be manageable one day, and out of control the next. So if you know you’re in trouble with one or more taxing authorities, or think you might be soon, call M&M today. With M&M’s Tax Professionals on your side, your business can flourish.