{"id":37275,"date":"2025-07-09T13:02:04","date_gmt":"2025-07-09T13:02:04","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/running-a-small-business-with-tax-debt-here-are-the-relief-options-that-can-help\/"},"modified":"2025-07-09T13:02:04","modified_gmt":"2025-07-09T13:02:04","slug":"running-a-small-business-with-tax-debt-here-are-the-relief-options-that-can-help","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/running-a-small-business-with-tax-debt-here-are-the-relief-options-that-can-help\/","title":{"rendered":"Running a small business with tax debt? Here are the relief options that can help."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/07\/09\/bbfe60a7-6258-4c20-9560-8bf94022a50a\/thumbnail\/620x413\/7dce90604dc81312b87ed520ae536e76\/gettyimages-2190196116.jpg#\" alt=\"gettyimages-2190196116.jpg \" height=\"413\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/07\/09\/bbfe60a7-6258-4c20-9560-8bf94022a50a\/thumbnail\/620x413\/7dce90604dc81312b87ed520ae536e76\/gettyimages-2190196116.jpg 1x, https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2025\/07\/09\/bbfe60a7-6258-4c20-9560-8bf94022a50a\/thumbnail\/1240x826\/d948c5ae170d1a4c2bad999da57c7d93\/gettyimages-2190196116.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Small business owners with tax debt can keep their business open by exploring certain tax relief strategies now.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Willlie B. Thomas\/Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Small business owners face a range of financial challenges now, including inflation, higher operating costs, and potentially slowing consumer demand. These economic headwinds often force entrepreneurs to make difficult choices about which bills to pay first. And naturally, tax payments can easily fall behind.<\/p>\n<p>When tax obligations go unpaid, though, the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/hidden-costs-of-ignoring-your-irs-tax-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">consequences extend beyond simple late fees<\/a><\/span>. The Internal Revenue Service (IRS) can freeze business bank accounts, place liens on company property and even pursue personal assets if payroll taxes are involved.<\/p>\n<p>So, what should you do if your business owes back taxes? The encouraging news is that the IRS offers several structured tax relief programs to help struggling business owners catch up without forcing them to close their doors. These can reduce what you owe, spread payments over time or halt collection activity. Below, we&#8217;ll explore the debt relief options small business owners should know (and understand) right now.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/ba8b8d52f2a7?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Frunning-small-business-tax-debt-relief-options-that-can-help\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Get help with your small business tax debt online today<\/a>.<\/p>\n<h2><strong>Small business tax relief options owners should know now<\/strong><\/h2>\n<p>&#8220;Falling behind on payroll taxes is a far knottier problem than personal tax debt,&#8221; warns Nik Agharkar, owner and managing member of Crowne Point Tax. &#8220;With payroll taxes, the IRS can hold business owners liable, even if the business is a corporation or limited liability company (LLC).&#8221; If you ignore the debt, the agency can pursue your assets through the Trust Fund Recovery Penalty.<\/p>\n<p>Despite these serious risks, you&#8217;re not powerless. Tax professionals point to four tax relief options for small business owners that can help resolve IRS debt:<\/p>\n<h3><strong>Business installment agreements<\/strong><\/h3>\n<p>A business installment agreement allows you to pay off tax debt through monthly payments instead of one lump sum. &#8220;[It&#8217;s] a good option for businesses with stable cash flow that can&#8217;t pay in full but can make consistent payments,&#8221; explains Billy Angelo, a certified public accountant at CPA firm Angelo &amp; Associates.<\/p>\n<p>Owe $25,000 or less in income tax? Benjamin Aspir, a tax services partner at accounting and advisory firm Eisner Advisory Group LLC, says you may be eligible for a streamlined agreement with payment terms of up to 72 months without filing detailed financial statements. Interest continues running on your debt, though. So, you&#8217;ll want to pay as much as possible each month. &#8220;[Missing] a payment or [incurring] new tax debt will void the installment agreement,&#8221; Angelo cautions.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/ba8b8d52f2a7?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Frunning-small-business-tax-debt-relief-options-that-can-help\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Learn more about your business installment agreement options here<\/a>.<\/p>\n<h3><strong>Offer in Compromise<\/strong><\/h3>\n<p>An <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/offer-in-compromise-what-you-need-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Offer in Compromise (OIC)<\/a><\/span> is a form of tax forgiveness that lets you settle your tax debt for less than the full amount owed. &#8220;This [may] sound like a no-brainer, but the IRS only approves an OIC if [your] business truly can&#8217;t pay,&#8221; says Angelo.<\/p>\n<p>According to Agharkar, the IRS will look at your complete financial picture, including bank statements and credit card records. &#8220;If your expenses are too extravagant and you could pay what you owe if you lived a different lifestyle, you won&#8217;t qualify,&#8221; he says.<\/p>\n<p>To be eligible for an OIC, you must be current on all tax filings, not be in bankruptcy and be able to prove serious financial hardship. The process requires extensive documentation, so it&#8217;s only worth pursuing if it&#8217;s clear you have little chance of recovery.<\/p>\n<h3><strong>Currently Not Collectible status<\/strong><\/h3>\n<p>Currently Not Collectible (CNC) status means the IRS agrees to temporarily pause collection actions, such as levies or liens, because they&#8217;d cause your business undue hardship. &#8220;I tell clients this is the nuclear option,&#8221; says Agharkar. &#8220;[It&#8217;s] for those in dire straits, and isn&#8217;t freely given.&#8221;<\/p>\n<p>Getting CNC status requires proving you can&#8217;t pay anything without jeopardizing basic operations. Even with approval, Aspir points out that penalties and interest continue accruing on your debt, and the IRS may still <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/signs-the-irs-is-preparing-to-garnish-your-wages\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">file a tax lien<\/a><\/span>.<\/p>\n<p>You can expect the agency to conduct periodic reviews and resume collection if your business&#8217;s finances improve. So if you qualify, experts recommend using this breathing room to create a realistic repayment strategy.<\/p>\n<h3><strong>Penalty abatement<\/strong><\/h3>\n<p>&#8220;Penalty abatement is the process of having certain IRS penalties removed or reduced, but it does nothing to reduce the tax or the interest,&#8221; Angelo explains.<\/p>\n<p>The most common option is <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-one-time-forgiveness-from-the-irs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">first-time penalty abatement<\/a><\/span>. But this is typically only available on the assumption that you have a reliable history of compliance. You can also qualify by showing reasonable cause, such as a severe illness or natural disaster. Interest can never be negotiated down, however. So, &#8220;pay whatever [you] can when [you] can,&#8221; encourages Agharkar.<\/p>\n<p>Penalty abatement is most promising when penalties make up a large part of your total debt. Since interest often represents the biggest chunk, this strategy may provide limited relief for older tax debts.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>&#8220;The worst thing [you] can do regarding tax debt is avoid the issue,&#8221; Angelo warns. Many business owners <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/tax-debt-mistakes-that-could-cost-you-thousands\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">ignore letters from the IRS<\/a><\/span> out of fear, but this only causes penalties and interest to snowball while reducing available options.<\/p>\n<p>If you&#8217;re facing tax debt, start by pulling your IRS transcripts and confirming you&#8217;ve filed all returns. Then, contact a certified public accountant or <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/ways-a-tax-relief-service-can-reduce-your-tax-bill\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">tax relief service<\/a><\/span> provider for further guidance. Acting quickly gives you more leverage in negotiations and helps protect your business&#8217;s financial future.<\/p>\n<p>    <!-- data-recirc-source=\"chartbeat\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation component--type-recirculation-collection\">\n<div class=\"component__heading-wrapper\">\n<h3 class=\"component__title\">MoneyWatch: Managing Your Money<br \/>\n                          <a href=\"https:\/\/www.cbsnews.com\/feature\/moneywatch-managing-your-money\/?intcid=CNI-00-10aaa3a\" class=\"component__view-more component__view-more--lg\" data-invalid-url-rewritten-http=\"\"><br \/>\n                More<br \/>\n                <svg viewbox=\"0 0 32 32\" class=\"icon__caret-right\" aria-hidden=\"true\">\n                  <use xlink:href=\"#icon-caret-down\"\/>\n                <\/svg><br \/>\n              <\/a><br \/>\n                      <\/h3>\n<\/p><\/div>\n<\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/sharon-wu\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Sharon  Wu<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Sharon Wu, a senior writer with over a decade of experience, specializes in consumer-focused content covering home and finance topics such as insurance, investments, credit, debt, mortgages and home security.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/running-small-business-tax-debt-relief-options-that-can-help\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small business owners with tax debt can keep their business open by exploring certain tax relief strategies now. Willlie B.<\/p>\n","protected":false},"author":1,"featured_media":37276,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-37275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Running a small business with tax debt? 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