If you're a small business owner in Michigan struggling to keep yourself and your business afloat in these uncertain economic times, you've likely heard the rumors that our newly inaugurated President may not be paying any federal income taxes. Perhaps you'd like to get in on a sweet deal like that as well. All you need to know is how that will work in your situation.
Imagine you get a phone call or an email one day from the IRS. The federal agency informs you that there are some discrepancies with your tax filing, and as a result, they are pursuing action against you.
With April 15 of next year more than half a year away, few people in Michigan are spending much time this summer thinking about taxes. But there are some, besides tax accountants and tax attorneys, who are still thinking about taxes this time of year. Unfortunately for most taxpayers, these people are tax scammers, who work all year round to impersonate the Internal Revenue Service (IRS).
When you run a small business, you have a great many details you must attend to, from opening your shop or office in the morning, to creating a personnel budget and hiring staff, to deciding the long-term goals of your business and placating individual customers.
If you or your business have suffered financial difficulties and have failed or been unable to pay your Michigan state taxes, you are likely to find yourself the subject of collection efforts by the Michigan Department of Treasury to obtain payment for those delinquent taxes.
When most people think of going to court, they may believe that whatever the action that may result, that result will only be imposed after a court has made a final determination. If they had been involved in a disputed contract, they would not expect to have to pay the damages for the alleged breach before they could go to court.
As a small business owner in Michigan, you have a great many issues to deal with as you go about operating your business. Depending on your size, you may do much of the work yourself, or may have the assistance of employees in various roles.