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TAX
& DEBT REDUCTION
A
Path to Solvency and Survival
Have You Lost The Ability To Focus On Running Your Business
Because of
IRS collections activity and fear of seizure of the business
Creditor calls and managing vendor payments
Insufficient cash flow to meet current obligations
IF
SO...
Bay
Area Financial Services (BAFS) can help you find a path to solvency
and survival by:
Reducing or eliminating the debt that burdens the business
Procuring short or long term capital financing
Selling your business
New
government directives dictate much tougher collection enforcement
of delinquent taxes. However, the initial collection effort may
create the illusion that this is not an urgent and serious matter.
Ignoring
tax notices is dangerous. Penalties and interest on tax balances
can accumulate at rates up to 75% per year. Filing a tax lien
is the first sign that the tax agency is serious about collecting
outstanding taxes. The lien is public notice the government has
a security interest in the assets of the business and gives them
the right to levy your assets.
The
lien opens the door to more aggressive collections through levying
business bank accounts and receivables. If a levy is placed on
the bank account it can result in the loss of significant cash,
which will jeopardize your payroll and cripple your vendor payments.
If the levy is placed on the accounts receivable the business
will be paralyzed by the lack of cash flow.
The next step of the collection process the tax agency obtains
a writ of entry for the purpose of seizing all the business assets
in effect closing the business. At this point the tax debt becomes
a personal liability and this debt cannot be discharged in bankruptcy.
The
earlier the issue is dealt with the more alternatives you, the
business owner have. By acting now you:
Minimize the amount owed to the IRS
Maintain flexibility in determining who gets paid and how much
Protect your rights as a taxpayer.
In other words.........you maintain control.
BAFS
is a financial service firm focusing on assisting business owners
in resolving tax and debt issues before the threaten the very
life of the business. Our knowledge and experience with tax collection
procedures combined with our financial management experience allow
us to develop strategies unique to the business following a new
path free of financial burdens that otherwise would have paralyzed
the operations of the business.
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