3 Common Tax Problems Facing Oklahoma Small Business Owners—and How to Fix Them!

As the owner of an Oklahoma small business, there are many demands on you and your time. Your top priorities are likely to stay in business, earn a living, and pay your employees. However, those are not your only responsibilities. You must also pay taxes.

If You Don’t Pay Taxes on Time, or You File a Questionable Return, Expect the IRS or OTC to Contact You

Some common problems facing Oklahoma small businesses may include:

  1. Owing Back Sales Taxes. You may have a legal obligation to collect sales tax and to pay the tax to the Oklahoma Tax Commission (OTC). If you do not pay the required sales tax and instead funnel the money back into your business to meet other expenses, such as rent or payroll, then the OTC may contact you and require you to pay your back sales taxes.
  2. Unpaid Payroll Taxes. As an Oklahoma employer, you may have the responsibility to pay payroll taxes. If you fail to do this, then a tax collector may contact you and demand that you pay your back payroll taxes as soon as possible.
  3. Not Keeping Necessary Receipts. While the IRS is unlikely to dispute small claims or require a receipt for every sheet of paper used at your store, the IRS may be suspicious if you claim a large business expense. If you are audited and you do not have the necessary receipt for that large expense, then you may be in tax trouble.

You may have had good reasons for failing to pay taxes on time. You may have legitimately lost a necessary receipt. However, if you do not respond to the IRS’ or OTC’s concerns and negotiate a solution to your possible tax problems, then you may face bigger problems that could put you out of business and impact your personal finances.

Don’t Play This High-stakes Game Alone—Contact a Tulsa Tax Lawyer for Help

You can’t ignore the demands of the IRS or OTC without risking your business and other assets. However, you have a choice. You can contact an experienced Tulsa tax attorney who will help you negotiate with the IRS and OTC. For more information, please contact us today at 800-721-7054, and please read our FREE book, The Ultimate Survival Guide for IRS Problems.