We help contractors with government troubles, such as government indebtedness, unfiled income tax returns, audits, and penalties.
Unfortunately, contractors are more likely to have late filed or unfiled tax returns. This is likely due to the unique aspects of the work contractors perform. Contractors often work long and irregular hours. This keeps them from attending to their own financial affairs, which includes timely filing income tax returns.
Contractors are also more likely to have outstanding tax indebtedness. This is also due to the unique aspects of the work contractors perform. It is also due to the type of accomplishments and training that contractors have. Contractors are imaginative and willing to understand issues before making decisions. This may result in inaction when it comes to resolving outstanding tax indebtedness. Other contractors face the opposite problem, namely, they take a wait and see approach.
Contractors are also likely to be pulled for audit by the IRS. The IRS generally views contractors as being more likely to have tax compliance problems. These tax compliance problems also stem from the unique aspects of the work contractors perform and their skills and training, but also from their tendency to prepare their own income tax returns or rely on lower-end tax preparers.
From a tax standpoint, right or wrong, contractors are defined by unfiled or late filed income tax returns, outstanding tax indebtedness, and government audits. There are a number of court cases and administrative rulings that demonstrate this. If you are a contractor, we can help you avoid or manage these issues.
We help contractors with unfiled or late filed income tax returns, outstanding tax indebtedness, and government audits. We would like to hear from you if you are a contractor and have one of these issues or are likely to have one of these issues in the future.
Please contact us to discuss your options today.