Does your business need money to pay business taxes? Funding programs are available that cover federal IRS taxes, state taxes and local taxes. The money can also be used to pay quarterly tax payments , OIC offer in compromise settlements, and income tax settlements.
Contact us below or follow the “Howto” section, steps and tips on how to get funds to pay business back taxes here:
in compromise, and tax settlements.
If your business has the cash flow, select programs are available to satisfy the need to pay your specific tax debt. Tax debt and liens of all amounts are usually considered by these specialty programs. Some may require additional collateral such as real estate, listed stock, or other collateral that covers the amount of the tax debt. Open tax liens over $10,000 are more difficult to get funding for without collateral.
After evaluating, choose the program that is most likely to provide the funding needed for your business to pay and satisfy the required tax debt.
Contact the lender. Check features, benefits and program requirements. Ask about restrictions, including what is needed for approval and closing.
When you determine your business meets the requirements, apply for funding.
For any offers made, review the full terms and determine if your business can make the payments. If so, provide the items needed by the funder to close the transaction.
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F.A.Q. Frequently asked questions on how to get money to pay irs business taxes and business back taxes:
Do I have to be in a payment plan to pay back business taxes?
If you cannot pay the amount of the back business taxes plus interest plus penalties then you will need to get a payment agreement with the IRS or state for state taxes.
Do I have to provide information on the IRS payment plan to the lender?
If you or your business has an IRS or state payment plan it is better to provide the payment plan documentation. Doing so may help you secure the funding you need. Provide information on an OIC offer in compromise if you have that.
What if I have an open tax lien?
Programs are available to allow your business to payoff or settle an open tax lien if approved. Approval depends on the amount of the open tax lien as well as the cash flow of the business and the owner’s credit score. Other factors include the average daily balance of the business as well as the time in business and assets of the business and owner. .
If the cash flow and revenues of your business show that you can handle the payment amount needed for funding to payoff the open tax lien, then your business has an excellent chance of being approved.