Fort Collins bike store Peloton Cycles is headed to auction for failing to pay taxes owed to the state of Colorado, according to the Coloradoan. The business owed just over $36,000 for delinquent and unpaid taxes.
Far from alone, the Coloradoan also reported that Dungeons and Drafts was shuttered by state officials in July for more than $50,000 in unpaid taxes.
Seizures for tax debt happen everywhere, and we’ve reported it before. Businesses are at risk for payment of all uncollected tax as well as penalties and interest. We’ve talked to business owners for years about the threat of seizure and sale as a reminder to know where you have a sales tax obligation and the importance of staying current on taxes.
Clean it up
If you are behind, clean up your tax position. The taxing authorities are more willing to deal when you’re willing to admit you’ve fallen behind.
Learn more about what’s involved. Next steps may be as simple as filing or may require more intense negotiations to settle delinquent taxes through a Voluntary Disclosure Agreement.
We’re here to help.
Let’s talk tax
Judy Vorndran can be reached at jvorndran@taxops.com or 720.227.0093. Follow Judy on LinkedIn.
More Tax News
- Auditor Independence in the Age of Private Equity: What CFOs Need to Know
- R&D Credits for Software Companies: Scrum Teams, Qualifiers, and Section 174 After OBBBA
- Section 174 Decoupling: What Tax Pros Need To Know State By State
- TaxOps Welcomes Sean Espy as Partner, Tax Minimization
- Your Tax Footprint Is Probably Bigger Than You Think: What Finance Leaders Need to Know About State Nexus
Recent Comments