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 to getting 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:
Do I have to be in a payment plan?
Your business does not always have to be in a business tax payment plan. Being in a payment plan helps, and may be required, but it is not always required. This is especially true if the amount of the delinquent tax is under $10,000
Do I have to provide information on the payment plan?
If you or your business has a payment plan, it is better to provide the payment plan documentation. Doing so will help you secure the funding you need.
What if I have an open tax lien?
Programs are available to handle and allow you or your business to payoff an open tax lien, if approved. Whether an offer can be made depends primarily on the amount of the open tax lien, the cash flow of the business, and the owner’s credit score. Other factors include the average daily balance of the business, the time in business, and if the business has NSF or overdraft history.
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.