There's something frightening about tax debt: it accumulates quickly, and it can be hard to determine where it comes from. A business can also face serious financial problems if it does not address the issue. We will explain why you are behind on your taxes as soon as you contact Emergency Accounting. Most often, it comes down to one of these five factors: Tax Returns That Are Not Filed Non-filing of tax returns is a common cause of tax debt for business owners. An unfiled tax return may result in penalties and interest charges, which turn the debt into a snowball rolling down the hill. Long-term debt accumulation can only be achieved by ignoring it. A business's tax return must be filed on time regardless of whether it is able to pay the full amount owed. Payment plans and other options are available to businesses who are unable to pay their taxes in full at the time of filing. Additionally, if your business faces financial strain, you might be able to negotiate a debt reduct...
In your mind, emergency accounting only sounds like something you will need once and for a short period of time, right? It might sound like you need a plumber or mechanic on an emergency basis, but it's only for a short time as long as it takes to fix the leak or get the car running. Our emergency accounting clients, however, tend to stay with us for the long term, too. Why? Because unlike a plumber or mechanic, we ensure you will never need emergency accounting again. Long-term financial health through three stages We are usually contacted by clients in a panic. The ATO has their backs and they don't know how to deal with their debts. We work quickly, but follow a three-stage process that both addresses the immediate challenges, and then takes a longer-term and more strategic approach to your business. Tax Review: Stage 1 We will provide you with an emergency tax strategy within 14 days of your contacting us. This is where we handle the immediate emergency. As part of th...