20/20 Tax Resolution Releases Urgent Message to Construction Industry |
20/20 Tax Resolution researches trends and finds over one third of clientele are in the construction industry |
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Contact Information |
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David Bohrman
11800 Ridge Parkway, Suite #400
Broomfield
CO - 80021
United States
800-880-7318
dbohrman@2020taxresolution.com
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DENVER, CO (August 17, 2012)— 20/20 Tax Resolution, a nationally recognized tax debt resolution firm, analyzed its client base for trends and found that over 39% of its clients were construction companies or subcontractors. This is significantly more than any other industry. Additionally, they found that there was an even split between construction business owners and self-employed individuals such as roofers or painters.
It is no surprise that this broad-ranging industry is struggling with taxes. With obstacles such as retain age, insurance requirements, work dissatisfaction, injury resulting in lawsuit, theft of supplies and even the current issue of having to compete with low bids; there are various reasons that those in the construction industry could fall behind. Stephen Heitert, EA, Senior Tax Analyst and Enrolled Agent at 20/20, says “some of these taxpayers do not file a return if they know there will be money due. They hope that the taxing authority will never find out that they owe, when in actuality, they get into even more trouble by not filing. Ultimately, they will have to pay penalties and interest for failure to file the return in addition to the original tax owed”.
While reviewing their construction industry clients, 20/20 Tax Consultants found that most self-employed sub-contractors or contractors simply did not understand their tax filing and paying requirements when their hobby became a business. These new business owners found themselves in need of employees to complete the job but, unfortunately, were not aware of the tax obligations that go with having employees. Furthermore, many of these self-employed individuals paid their employees in cash and did not report this information on their tax returns. Many do not even report the income they receive as that also comes in the form of cash. While many of the mistakes described above are completely commonplace, the taxing authorities typically have little sympathy and require immediate payment for any back-taxes once they calculate how much is due.
For more information, visit: http://2020taxdebthelp.com
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| Related Tags: tax debt help, tax resolution, tax debt relief |
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