Business Restructuring:

Being self-employed provides many advantages, and can provide many freedoms and liberties not available to to other types of employment. Of course, there are also many additional responsibilities that come with owning a business, including increased tax filing and payment requirements. Depending on the type of business entity that is chosen, there may be different requirements, and these differences can often be utilized both to save in future taxes, and to make back-tax situations simpler and more easily resolved.

Many restructuting options come in the form of business growth or downsizing. If your business has seen a rapid change in revenues, it may be time to examine if the current classification still makes sense for it's partners, shareholders, and/or employees. A change in structure may equal a change in the method by which taxes are paid, and the way you are taxed, but by incorporating the right strategy, you may save a considerable amount in income tax, accounting fees, and some of your other major expenses. You can rest assured that our team will find the most suitable business situation for your current finances, and tailor a plan to fit your needs.

Of course, if you owe taxes, it becomes a different matter altogether, but the benefits to reclassification of your business status can often be equivalent or greater under these circumstances. In these cases, restructuring may prove to either eliminate or reduce portions of your debt. Other times, a restructuring simplifies your financial picture and can better establish grounds for negotiating for acceptance of Installment Agreements or Offers in Compromise. The sale of a business can also help to eliminate all or a portion of a tax debt, and represents a viable option in the right circumstances, but sometimes the best option is to dissolve the business and attempt to reanalyze the circumstances after the dust settles. These strategies are quite comprehensive, but the savings you will experience, and the fresh start you will receive will prove their worth in just a few short weeks. Our experienced consultants and tax professionals, as well as their network of experienced business brokers, loan specialists, and financial experts can find a solutions that works for you and your business, whatever your needs may be.

Of course, each and every case is unique, and you will need to schedule a detailed review with one of our tax consultants to determine if a restructuring is right for your current business entity. Contact us today to learn more about how new business formation can help you to make your tax situation better, and allow you to "Turn Over a New Leaf"