Making the Wrong Moves When Selling Your Business Can Result in Serious Tax Consequences

Posted on in IRS Issues

Tinley Park IRS tax attorney,  selling your businessWhen businesses must be sold—either out of necessity or desire—owners must plan carefully. Not only is there the risk of financial loss during the actual sale, the IRS closely monitors the sale of companies. Make the wrong moves and you could be liable for back taxes on the sale price. Thankfully, there are also “right” moves—ones that can protect your business and financial future before, during, and after the sale. The following explains further.

Start Planning Your Exit Early On

Before you begin searching for a buyer, before you take a single step toward selling your business, it is critical that you speak with an experienced attorney. You need an exit strategy long before you actually sell. This can ensure that you make sound decisions during the sale process. It can ensure you invest your money properly, and that the financial moves you make do not put your financial future at risk.

Understanding the Risks

Failure to create an effective exit plan can cost you more than your financial wealth. It can also raise flags with the IRS. This can result in an audit, which could ultimately lead to serious tax consequences. You could be accused of tax evasion, and you may be held liable for taxes on monies you attempted to invest or save, plus any interest that has accrued since the date of the sale. For some, this could lead to a significant depletion of resources.

Handling Back Taxes with the IRS

If you are reading this too late and are already facing consequences, an experienced IRS tax lawyer may be able to help you work through your financial issues. You must act quickly though. The more time that passes, the more interest you will accrue on your debt. Ignoring a debt to the IRS can also result in legal action against you, such as wage garnishment, tax liens, or tax levies. So do not delay. Take action and regain control of your financial situation today.

Our Tinley Park IRS Tax Lawyer Can Help

Whether you need assistance with strategizing your next move, or need help resolving a back debt with the IRS, contact the Law Offices of Eric G. Zelazny. Backed by more than 20 years of experience, our Tinley Park IRS tax attorney offers comprehensive and aggressive representation to meet your legal needs. We take the time to understand your situation, will ensure you understand your options, and will guide you through the process. Learn more about how our creative solutions can work in your favor. Call 708-888-2299 and schedule your free consultation.

Source:

http://www.denverpost.com/2016/12/18/irs-watching-owners-who-sell-their-businesses/

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