If you missed or shorted a tax payment and now have a tax agency breathing down your neck, here’s how to handle the situation with minimal anxiety.

Many small-business owners can get in trouble with the IRS or state taxation departments for not paying their income, payroll, sales or use taxes. I still remember the day in the 1990s when two state department of revenue agents showed up in the reception area of my company. Seems we hadn’t been “timely” on remitting to the state the sales tax we’d collected from our customers.

Full article