Question 1

How much does tax preparation cost for small businesses in Montrose?

Accepted Answer

Our fees depend on the complexity of your situation, not arbitrary hourly rates that pile up without warning. For straightforward business tax preparation, costs typically range from a few hundred to around $1,000 depending on your business structure and the number of forms required.If you need tax resolution services—like dealing with IRS problems or unfiled returns—we provide a clear quote upfront after reviewing your case. We also credit 100% of any consultation fee toward resolution work if you decide to move forward. No hidden fees, no surprise bills that show up months later.

Question 2

What happens if I haven't filed tax returns for several years?

Accepted Answer

Unfiled returns create serious problems that get worse over time, but they're absolutely fixable. The IRS can file substitute returns on your behalf, which almost always results in higher taxes than you actually owe because they don't include deductions or accurate information.We start by gathering all your financial records and preparing the missing returns correctly. Then we file them strategically to minimize penalties and interest. In many cases, we can negotiate penalty abatements, especially for first-time issues or when there were reasonable circumstances causing the delays.The key is acting quickly once you decide to fix the problem. Every month you wait, penalties and interest continue accumulating, making resolution more expensive and complicated.

Question 3

Can you really settle tax debt for less than what I owe?

Accepted Answer

Yes, but only in specific circumstances where you genuinely cannot pay the full amount. The IRS Offer in Compromise program allows qualifying taxpayers to settle for less, but the IRS thoroughly reviews your complete financial picture before approving anything.You need to demonstrate that paying the full amount would create genuine financial hardship or that there's doubt about whether you actually owe the full amount. The IRS looks at your income, expenses, assets, and future earning potential. If you could reasonably pay what you owe by adjusting your lifestyle or liquidating assets, you won't qualify.About one in four businesses that apply get approved, which means it's worth exploring if you meet the criteria. We evaluate your situation honestly and only recommend this route when it makes sense.

Question 4

How long does it take to resolve IRS tax problems?

Accepted Answer

Simple payment plans can often be set up within 30-60 days. More complex cases involving offers in compromise or penalty abatements typically take 6-12 months, sometimes longer depending on IRS workload and the specifics of your situation.The timeline depends largely on which resolution strategy works best for your case and how quickly we can gather required documentation. Cases involving multiple tax years or business entities naturally take longer than straightforward individual issues.What matters most is getting started. While resolution takes time, we can often stop collection actions quickly once we're representing you, which provides immediate relief from IRS pressure while we work toward a permanent solution.

Question 5

Do you handle Pennsylvania state tax problems too?

Accepted Answer

Yes, we resolve both federal and state tax issues. Pennsylvania has its own set of tax requirements and collection procedures that differ from federal rules, especially for businesses dealing with corporate income tax, sales tax, or payroll tax issues.State tax problems often develop alongside federal issues, but they require separate strategies and negotiations. Pennsylvania can be just as aggressive as the IRS when collecting unpaid taxes, including placing liens and levying bank accounts.We coordinate resolution of both federal and state issues simultaneously when possible, which saves time and often results in better overall outcomes than handling them separately. Having one team manage everything also reduces confusion and ensures nothing falls through the cracks.

Question 6

What should I do if I received an IRS notice or letter?

Accepted Answer

Don't ignore it, but don't panic either. IRS notices usually give you specific timeframes to respond—typically 30 days—and the consequences for missing those deadlines can be severe, including additional penalties or automatic collection actions.Read the notice carefully to understand what the IRS claims you owe and why. Sometimes notices contain errors or are based on incomplete information. Other times they're accurate but you have options for resolution that aren't clearly explained in the letter.Contact us immediately if you receive any IRS correspondence you don't understand or can't handle on your own. We can review the notice, explain your options, and respond appropriately within required timeframes. Early intervention almost always results in better outcomes than waiting until problems escalate.

Tax Preparation Montrose, PA