IRS Tax Laws
  • November 28, 2022
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Ensuring compliance with tax laws is unarguably one of the most challenging things taxpayers (both individuals and businesses) have to deal with, although it is all the more difficult for businesses. That’s because businesses are not only required to ensure compliance with federal tax laws, but they must also comply with state and local tax laws. And on top of that, the laws keep changing on a frequent basis. This adds to the misery of the taxpayer, who has to keep up with the changes or run the risk of incurring huge penalties. The worst part is that despite the IRS’s complex and cumbersome tax compliance requirements, taxpayers have little respite for any instance of non-compliance. No wonder, several business owners in Texas rely on Dallas tax attorneys to ensure tax compliance and avoid any major IRS tax problems. Continuing the discussion, here are a few things business owners must ensure to stay compliant with the IRS tax laws. Let’s take a look.

Ensuring Compliance With the IRS Tax Laws

Here are some of the critical things businesses must do to stay compliant with the Tax Code

1. Obtain Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as Federal Tax Identification Number, is a number with which the IRS identifies a business entity. It is the first thing a business (except a few) is required to obtain as soon as it gets registered as a legal business entity. Click here to find out if you require an EIN.

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2. Pay The Required Taxes

All business entities are required to pay certain taxes to the federal and state governments. The type of taxes differs based on the type of business entity. Here are some of the most common types of business taxes companies need to pay.

  • Income Tax
  • Estimated Tax
  • Self-Employment Tax
  • Employment Tax
  • Excise Tax

3. File Timely Returns

The due date of filing a tax depends on the type of tax that needs to be filed and the type of entity that is filing the return. For instance, most businesses are required to file their income tax returns by April 15 of every financial year. The date may, however, differ for some business entities. The exact date is mentioned in the instructions section of the form used for filing the tax return. Similarly, employment taxes that are filed quarterly have due dates of April 30, July 31, October 31, and December 31, whereas, employment taxes that are filed annually have a due date of January 31.

Blog Related Post: What Is an IRS Tax Attorney?

4. Maintain Proper Records

Maintaining proper records not only makes tax filing easy, but it is also of great help when a business receives an IRS notice or is selected for tax audit. The IRS requires businesses to keep records of everything that has anything to do with income, deductions, credits, filing tax returns, etc. The time duration of maintaining a record usually differs anywhere between 3 and 7 years, on a case-to-case basis.

Last Word

Failure to comply with tax laws can lead to various sanctions from the IRS, including penalties. Many business owners, therefore, rely on experienced IRS tax attorneys for their tax-related issues. If you are facing any IRS tax problems or need help with the management of your company’s tax-related matters, look no further than the Law Offices of Nick Nemeth. Our team of experienced Dallas tax attorneys is here to assist you with IRS tax compliance issues and a range of other IRS tax problems. To learn more about how our tax attorneys in Dallas, TX, can help, call (972) 484-0829, or fill out our Contact Form, and we’ll take it from there.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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