During these economic hard times many people have chosen to start their own business after being laid off. They’re eager to be their own boss and avoid the corporate environment. Yet some of these entrepreneurs struggle with tax issues foreign to them before they started their own company. Adhering to tax compliance as a business entity is much different than filing for personal taxes.
However a largely unknown ally exists to small business owners. An enrolled agent is the only individual licensed by the IRS to represent taxpayers. While attorneys and CPAs are licensed by states, an enrolled agent is licensed by the United States Treasury Department. Only 46,000 individuals are currently licensed with this title, largely because they must either pass a detailed examination on the current tax code, or they must have spent at least five years interpreting and applying the tax code as an IRS employee.
Having this inside perspective is essential when preparing to address your small business tax issues. Enrolled agents are not only approved by the federal government, they can represent their client regarding any type of tax matter – payroll taxes, back taxes, tax liens, wage garnishment, offer-in-compromise and other tax related issues.
An enrolled agent has earned a level of trust with the IRS since their license is achieved through this government branch. As a small business owner in today’s difficult economy, you need sound advice that will help you move your business forward. Let us help you find a local enrolled agent to proactively address your tax concerns.