As a small business owner, you’re at a higher-than-average risk of being audited. If you have IRS debt while running your company, the stress and uncertainty associated with your burden can distract your focus:
- It’s no fun to market your products or services with an IRS black cloud hanging around in the background;
- It’s anxiety-provoking to pick whether to make payroll or keep the lights on and your own family fed;
- It’s dispiriting to make marketing calls (and be chipper and optimistic) with a threatening pile of letters from the IRS on your desk.
Follow these tips to keep your business afloat and your employees motivated in spite of the chaos.
Arrange to Pay for Your IRS Debt
The IRS offers several options for paying off your debt, and the quicker you can take advantage one of these options, the fewer penalties you will pay. You might be eligible to have any tax liens withdrawn, to make an installment plan or to settle your debt for less than you owe through the IRS Fresh Start program.
Involve a Tax Consultant
Get help to meet your responsibility to the IRS so you can focus on your business. Contact a tax consultant or tax law expert to help you negotiate with the IRS to pay down your debt. Put that saved effort toward maximizing your profits so you can pay the debt more quickly.
Provide Non-Financial Incentives to Your Employees
Eliminate optional expenses by holding off on pay increases or bonuses to your team. Instead, reward and motivate your employees without spending extra funds. All Business recommends options like flexible schedules and telecommuting to motivate your employees. Also, encourage social interaction and ask team members to approach you with their ideas, concerns and triumphs. Maintain a positive atmosphere to reduce stress and keep your employees loyal.
Don’t ever avoid facing your IRS debt head-on. If you don’t know what to do, contact Highland Tax Resolution. We are on your side, and we can help you navigate your current situation.