The passing of the American jobs and tax loophole act is part of a broader effort by congress to shore up the account deficit and reign in businesses that have been benefitting from these for the past decade. In the past companies organized as S-corporations could avoid paying social security and Medicare tax, this was accomplished by understating wages paid to the owners/ shareholders and instead reporting most of the earnings as corporate income. This allowed approximately 13% of S corporation owners to pay themselves a median wage of $20,127 and avoid additional social security and Medicare taxes.
It is estimated that closing the tax loophole will generate $11 Billion dollars over the next ten years for the federal government but this will come by way of increased taxes for millions of small business owners. Platinum Tax Defenders, a company providing, accounting, legal and tax resolution services to millions of small businesses empathizes with the small business owner and provides services ranging from, IRS Payment Plans, Offer In Compromise, Bank Levy Releases, Wage Garnishment Release, Penalty Abatement, Collection Appeals and many other services to small businesses who need to settle back taxes and implement preparedness for the coming changes in the corporate tax environment.
Small business owners employ and make up a significant portion of the employing population but they like much larger corporations are subject to paying taxes, especially when formed as a corporation where we often see what is known as double taxation. Taxes both on the corporate earnings and on the earnings of the owner. This highlights the importance for small businesses to seek professional tax help. This will ensure than a owner can continue to run his business successfully without the concern of a looming tax legislation, Platinum Tax Defenders provide, consultation and remedying services to small business owners who owe the IRS back taxes or would like to get a better understanding of where they stand.
Resolving tax issues can be a spider of problems for the small business owners, studies prove that for every hour spent not concentrating on running a business, the negative impacts are far reaching and lengthy, meetings often need to be setup with IRS tax offices, and involve several meetings, phone calls and time consuming dialogue in-order to come to a conclusion.
The passing of “The American jobs and closing tax loopholes act H.R. 4213” is not intended to interfere with the operation of small businesses, we all know taxes have to be paid and much like any other creditor the IRS wants to be paid. Small business owners however must seek professional taxes help from firms such as Platinum Tax Defenders who facilitate consulting and resolving tax issues so owners can focus what’s most important to them, which is running their businesses and allowing experienced tax attorneys handle their back taxes and other tax issues.
For a Free consultation Call 800-991-3242 or request more information at Platinum Tax Defenders