{"id":5198,"date":"2024-02-29T10:23:00","date_gmt":"2024-02-29T16:23:00","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=5198"},"modified":"2024-07-08T14:40:19","modified_gmt":"2024-07-08T20:40:19","slug":"cant-pay-business-taxes-right-away","status":"publish","type":"post","link":"https:\/\/hrbscaletest.hrblock.com\/resource-center\/small-business-tax-prep\/cant-pay-business-taxes-right-away\/","title":{"rendered":"What happens if you don&#8217;t pay taxes for your business"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-irs-business-tax-bills-at-a-glance\">IRS business tax bills, at a glance:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you can\u2019t pay your business taxes, the most important thing you can do to avoid enforced collection is to get an agreement with the IRS.<\/li>\n\n\n\n<li>The IRS offers several options, including extensions (see <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/form-7004\/\">Form 7004<\/a>) to pay and payment plans.<\/li>\n\n\n\n<li>Businesses in financial hardship should consider special IRS programs offering deferred payment and settlement.<\/li>\n<\/ul>\n\n\n\n<p>You can <a href=\"https:\/\/www.blockadvisors.com\/about-us\/\">get&nbsp;help<\/a> resolving the issue when you owe business taxes and can\u2019t pay. If you&#8217;re wondering what happens if you don&#8217;t pay taxes for your small business and what next steps to take when you can&#8217;t pay, read on. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"350\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2024\/07\/prepping-business-taxes-1.jpg\" alt=\"business owners prepping taxes\n\" class=\"wp-image-7985\" srcset=\"https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2024\/07\/prepping-business-taxes-1.jpg 500w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2024\/07\/prepping-business-taxes-1-300x210.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-if-i-can-t-pay-my-taxes-what-if-i-owe-back-taxes\">What if I can&#8217;t pay my taxes? What if I owe back taxes?<\/h2>\n\n\n\n<p>If you file your business tax return and can\u2019t pay (or if your company still owes taxes from a past business tax return) you have several options.<\/p>\n\n\n\n<p>Depending on your circumstances, the IRS offers payment options ranging from short extensions for businesses that just need a little more time to pay to special agreements for businesses experiencing serious financial hardship.<\/p>\n\n\n\n<p>A tax professional can help you evaluate which option works best for your business. Your tax pro can even help work with the IRS to set up the agreement. Wondering what happens if you don&#8217;t pay taxes can be stressful. But you don&#8217;t have to address the problem alone.<\/p>\n\n\n\n<p>One option that is NOT a good idea is to ignore the issue. If you don\u2019t make some type of arrangement with the IRS, they can eventually force you to pay. The IRS can file a&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-federal-tax-lien\/\" target=\"_blank\" rel=\"noreferrer noopener\">lien<\/a> that would harm your credit, and the IRS can&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-levy\/\" target=\"_blank\" rel=\"noreferrer noopener\">levy<\/a>&nbsp;your bank accounts and income sources, such as payments from customers.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-large-article-cta\" class=\"wp-block-create-block-hrb-large-article-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-large-article-cta--image\" style=\"background-image:url(&quot;https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2023\/01\/ba-sb-certified-tax-pro-brenda-w-1200x1200-1.webp&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-large-article-cta--copy #ffffff\"><h3 class=\"main-heading\">Struggling to pay taxes for your business?<\/h3><p class=\"main-copy\">A Block Advisors tax expert can help you understand your options.<\/p><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/tax-pro-services\/?app_method=SMALL_BUSINESS_HRB_TAX_PREP_METHOD\">Make an appointment<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-steps-to-take-when-your-business-can-t-pay-taxes\">Steps to take when your business can&#8217;t pay taxes<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-confirm-you-are-in-filing-and-payment-compliance\">1. Confirm you are in filing and payment compliance.<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Before creating a payment agreement with the IRS, you must file all the business\u2019s required tax returns. You must also make enough tax payments on the current year so that you won\u2019t file and owe in the future. If your issue is unpaid employment taxes, you must be current with your federal tax deposits.<\/li>\n\n\n\n<li>Call the IRS to&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/research-irs-account\/\" target=\"_blank\" rel=\"noreferrer noopener\">research your account<\/a> if you&#8217;re unsure whether you&#8217;ve filed all your required business returns. Understanding your current status is important to help you avoid discovering first-hand what happens if you don&#8217;t pay taxes you owe for your business.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-make-sure-you-actually-owe-the-amount-of-back-taxes-the-irs-says-you-do\"><strong>2. Make sure you actually owe the amount of back taxes the IRS says you do<\/strong>.<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Review your business\u2019s tax returns for the year(s) you owe and the prior three years to see whether the tax balance is correct. If you don\u2019t think the amount is correct, you may want to amend your return(s).<\/li>\n\n\n\n<li>You may also look at any&nbsp;<a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/irs-business-tax-penalties\/\" target=\"_blank\" rel=\"noreferrer noopener\">penalties<\/a>&nbsp;to see whether you can reduce or remove them through penalty abatement.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-evaluate-the-options-and-choose-the-best-one-for-your-circumstances\"><strong>3. Evaluate the options \u2013 and choose the best one for your circumstances<\/strong>.<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consider your facts, including:\n<ul class=\"wp-block-list\">\n<li>How much you think the business can pay with existing assets or in monthly payments<\/li>\n\n\n\n<li>The impact of any potential tax liens<\/li>\n\n\n\n<li>The impact of any additional penalties and interest<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Based on your facts, choose the best payment arrangement for you. The IRS offers several options to help your business when it can&#8217;t pay taxes, including:\n<ul class=\"wp-block-list\">\n<li>A short-term&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-extension-time-pay-agreement\/#:~:text=Extension%20to%20pay%20taxes%3A%20How%20to%20request%20additional%20time\" target=\"_blank\" rel=\"noreferrer noopener\">extension of time to pay<\/a><\/li>\n\n\n\n<li>One of several types of monthly payment plans (called&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-installment-agreement\/\" target=\"_blank\" rel=\"noreferrer noopener\">installment agreements<\/a>) with different terms and conditions<\/li>\n\n\n\n<li>A temporary reprieve based on your documented financial hardship situation (called&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-currently-not-collectible\/\" target=\"_blank\" rel=\"noreferrer noopener\">currently not collectible status<\/a>)<\/li>\n\n\n\n<li>The&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-offer-compromise\/\" target=\"_blank\" rel=\"noreferrer noopener\">offer in compromise<\/a>, an IRS option for qualifying taxpayers in highly specific financial circumstances to pay less than the full amount they owe to settle the tax debt<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Gather the personal and financial information necessary to request your option from the IRS.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-obtain-an-agreement-with-the-irs\"><strong>4. Obtain an agreement with the IRS<\/strong>.<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Contact the correct IRS function before any regular <ins><a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/tax-deadlines\/\">business tax deadlines <\/a><\/ins>to request the payment arrangement you\u2019ve chosen. Provide the IRS with the necessary information to complete the agreement.<\/li>\n\n\n\n<li>It may take time for the IRS to set up your agreement or consider your option, especially if your business:\n<ul class=\"wp-block-list\">\n<li>Owes more than $50,000<\/li>\n\n\n\n<li>Is requesting currently not collectible status<\/li>\n\n\n\n<li>Is requesting an installment agreement that will not pay the entire balance within six years<\/li>\n\n\n\n<li>Is requesting an offer in compromise<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>You can appeal the IRS&#8217; decision if they deny you an option you are entitled to based on your facts.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-help-when-your-small-business-can-t-pay-taxes\">Get help when your small business can&#8217;t pay taxes<\/h2>\n\n\n\n<p>If you think you can&#8217;t pay your taxes for your business but then find a way to pay your taxes on time, you may be able to <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/online-tax-filing\/\">file small business taxes online<\/a>. If not, your Block Advisors small business certified tax professional can help you investigate which of the above options is best for your business and request it from the IRS. This way, you avoid finding out in an unpleasant way what happens if you don&#8217;t pay taxes.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.blockadvisors.com\/find-a-pro\/\">Get help from a tax pro near you<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bonus-bring-these-five-items-to-your-appointment-if-your-business-can-t-pay-taxes\"><em>Bonus: <\/em><strong><em>Bring these five items&nbsp;to your appointment<\/em> <em>if your business can&#8217;t pay taxes <\/em><\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><em>A copy of your business\u2019s IRS notices, especially the most recent notices, on the tax years and balances owed.<\/em><\/li>\n\n\n\n<li><em>If your business faces significant financial hardship and can\u2019t pay the full amount in six years, you must back it up with documentation. Bring your business\u2019s financial information, such as bank statements, <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/finance\/profit-and-loss-statement\/\">profit and loss statements<\/a>, and <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/build-your-business\/balance-sheets\/\">balance sheets <\/a>showing assets. It\u2019s helpful to complete IRS Form 433-B,&nbsp;Collection Information Statement for Businesses, before your Block Advisors appointment.<\/em><\/li>\n\n\n\n<li><em>The owner(s) financial information if the business is closely held (if the business has few <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/manage-your-business\/s-corp-filing-guide\/\">shareholders<\/a> or <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/manage-your-business\/llcs-vs-partnerships\/\">partners<\/a>). It\u2019s helpful for each owner to complete a Form 433-A,&nbsp;Collection Information Statement, before the office visit.<\/em><\/li>\n\n\n\n<li><em>If you have a levy, bring your financial institution\u2019s contact information (name, address, phone and fax number).<\/em><\/li>\n\n\n\n<li><em>A copy of your business tax returns for the years that you owe<\/em>.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator aligncenter has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"436\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1024x436.jpg\" alt=\"Block Advisors by H&amp;R Block logo\" class=\"wp-image-6406\" style=\"width:256px;height:109px\" srcset=\"https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1024x436.jpg 1024w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-300x128.jpg 300w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-768x327.jpg 768w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1600x682.jpg 1600w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1536x655.jpg 1536w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo-1200x511.jpg 1200w, https:\/\/hrbscaletest.hrblock.com\/resource-center\/wp-content\/uploads\/2022\/08\/HRB-Block-Advisors-Logo.jpg 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>IRS business tax bills, at a glance: You can get&nbsp;help resolving the issue when you owe business taxes and can\u2019t\u2026<\/p>\n","protected":false},"author":1,"featured_media":6157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1171],"tags":[],"class_list":["post-5198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business-tax-prep"],"acf":[],"yoast_head":"<title>What happens if you don&#039;t pay taxes for a business | Block Advisors<\/title>\n<meta name=\"description\" content=\"Your business can&#039;t pay taxes? 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