Good morning, my question for this community and hopefully I got the right group is regarding sellers permits. Currently assisting a friend with a tax issue with their small business. They are delinquent with their taxes and state is going to pull their sellers permit if the balance can’t be paid. I’m hopeful I can assist in arranging a loan by the deadline but wanted to know if anyone has had experience with such an issue? Trying to warn them on certain penalties or fines that could happen if they continue to procrastinate. From what I could find it only warns that doing so is a misdemeanor. Currently said from friend lives in Wisconsin. Thanks for any guidance and have a good day.
They should have an accountant who would help them with all this. Probably would’ve prevented this from happening to begin with.
Hire a tax attorney/ accounting group asap to help guide u thru this. U didn’t mention the tax they r delinquent on, but if its sales tax, they r in big trouble as the irs views that as theft.
Before taking out any loan, id highly suggest u go this route (as we had an employee classification issue that our gwe use and they saved us 100,000’s) before taking out a loan as they can help help both now and in the future and also, it both shows goodwell to the irs and has someone that knows what they r doing as trying to go it alone against them is highly foolish. We couldn’t be happier who we choose and have been with us now for over 7 years.
Just some small business friendly advice
Thank for very much for the advice on this. I’ll look up a tax lawyer in my area. It’s sales tax too. From what I could gather irs is okay as they slate set up with a payment plan and it’s the state that is requiring alto be paid in full. Thanks again I know ow it was very foolish of this friend to do what they did and am just trying to point in the right direction.