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Question
This is my fourth year in business. I now have a state and federal tax debt of 100,000. I do have a few small loans all totaling around 25,000. None of these debts are secured. Now that I have taken over the finances and hired a professional accountant to handle my money, would it be best for me to start over? My assets would not even come close to paying the tax debt. If I do choose to wind down this business and start another one, will the IRS come after me personally? The business is doing well, just not well enough to get caught up AND maintain.
John:
I truly appreciate your inquiry. The details of your tax situation are a bit vague, and I can not provide tax advice. However, I can provide an example:
Let's imagine this $100,000 owed is 941 (Payroll) tax, the IRS CAN come after you personally as this is money that has been withheld from employees and used for the benefit of the business. The good news is that based on what you have disclosed you seem to be an excellent candidate for both Tax Resolution and Debt Settlement. Both options will reduce the amount you pay back to creditors and IRS and likely keep your cashflow manageable and possibly save you the closure of your business. Although, I prefer not to solicit our business through this forum, it would be beneficial if you contact me toll free at 800.630.9960 or through requesting a free consultation through our website FranklinMediation.com. Your situation needs further evaluation and it would be a pleasure to assist you in finding the right path to resolve these issues. This evaluation would be done at no cost or obligation to you and is completely confidential.
I hope this answer proves beneficial and encourage you to rate it so others may benefit from it as well.
Respectfully,
Christine Janklow
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Answers by Expert:
Christine Janklow
Expertise
As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience
My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.
Organizations
Provisors;Turnaround Management Association; Los Angeles area
Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.
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