In this episode of Resilience and Resolve with Lance Drury, Lance and Kevin discuss the most common tax issues small businesses face and how to resolve them. They explore the importance of making timely tax payments, the dangers of ignoring payroll taxes, and the consequences of not filing. Lance provides advice on tax resolution options, including installment agreements and currently non-collectible status, and emphasizes the need for small business owners to seek professional help before their issues escalate.
Timestamps:
[00:00:30 - 00:02:00] Common tax issues for small businesses (payroll tax, mismanagement)
[00:02:00 - 00:04:00] Importance of making estimated tax payments first and warning signs of trouble
[00:04:00 - 00:05:15] Impact of tax liens and levies on business reputation and operations
[00:05:15 - 00:06:54] Consequences of ignoring tax payments (shut down, growing liabilities)
[00:08:00 - 00:09:00] Tax resolution options (installment agreements, non-collectible status)
[00:09:00 - 00:10:30] Process of resolving tax issues (engagement letter, IRS representation)
[00:13:00 - 00:14:00] Importance of financial education and tax planning for small business owners
[00:15:30 - 00:16:05] Personal responsibility for payroll tax liabilities as a business owner
[00:16:05 - 00:16:30] Closing thoughts on managing business finances and tax responsibilities
About The Show Resilience and Resolve with Lance Drury is a podcast dedicated to helping small business owners navigate the complex world of tax laws and regulations. Hosted by Kevin Rosenquist, the show features expert insights from Lance Drury, a seasoned tax professional, as they discuss common tax issues businesses face, such as payroll taxes, tax liens, levies, and the critical importance of proper tax planning. With practical advice on how to avoid costly mistakes and resolve tax problems effectively, the podcast offers valuable guidance to entrepreneurs, ensuring they stay compliant and maintain their business’s financial health.
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