Having debts with the Tax Administration Service is a problem that affects many businesses and individuals. These debts are generated by failing to meet tax obligations on time and in the proper manner. This results in a series of penalties that debtors must face. Surely, many of us have at one point failed to settle our dues with the Tax Administration Service. The important thing is to try to resolve it as quickly as possible. In this article, we provide you with solutions to get out of this situation.
What Happens When We Have a Tax Debt?
The most common type of tax debts are unpaid taxes that exist as liabilities, but there are also others related to social security contributions, like payments that must be made to social security institutions.
Remember that it's always important to stay up to date with our obligations as taxpayers, as non-compliance can lead to various sanctions. When a taxpayer fails to pay their taxes and generates a debt, the tax administration is required to inform them via the Tax Mailbox on their portal, through an official notice that will be personally delivered to the taxpayer, at taxpayer service offices or in the notifications section by public notice and edicts on the internet.
In the case of owing taxes, the taxpayer can approach the tax authority to see what payment options are available, which can be a single payment, installments, or even deferred payments.
When we are notified of a tax debt, we will have to pay it within the following 30 business days or within the period mentioned in the received document. What benefit does this have? There is the possibility of reductions for early payment if the notification is due to a fine. If payment is not made within the required time, tax officials will visit your place to demand payment. If you do not have your receipt, they can seize your assets, properties, or bank accounts.
“For each visit that the tax authority makes to your residence and does not find you, they will charge $340 for Execution Expenses or 2% of the taxpayer’s tax debt up to a maximum of $52,950,” specifies the tax authority. Some other sanctions that may apply include: Cancellation of authorized digital tax receipts, making you unable to invoice your commercial transactions.
You will be reported to the Credit Bureau. Your bank or investment accounts will be “frozen” and seized. An administrative execution process will be initiated.
Fast Online Loans: An Option to Cancel Tax Debt
When you urgently need money, a fast online loan can be an option worth considering.
A fast loan can be considered any loan requested online, which quickly enters your account, sometimes almost instantly after the loan is approved. Just a few years ago, a fast loan was seen as an expensive solution to a desperate situation; however, this has changed. Today, many online companies have emerged that, with the aim of entering the loan market, offer loans with excellent terms.
Fast loans are usually best suited for small and medium cash needs. In this regard, not all loan companies are suitable for this type of loan. Check our list of lenders.
What If I Have Pending Refunds?
If you have pending tax refunds, these will be applied to the balances of your debts. Your information may be placed and published on the list of federal tax debtors on the tax authority's website.
If you plan to participate in any government bidding, the opinion on compliance with obligations will be negative and that will affect your business relationships. Your registration in the importers' registry is at risk of being suspended or canceled, which will prevent you from conducting export or import activities of goods or services. If you are a beneficiary of a subsidy, you will lose that benefit.
What Happens if I Am Reported to the Credit Bureau?
If you are reported to the Credit Bureau, you can clarify or update your debt situation through various means:
Taxpayer service offices
Through the SAT Internet portal
Via email at: cobranza@sat.gob.mx
On the Credit Bureau site Resolve your debts with the SAT
If your debts are small or medium, resulting from non-payment of one or two installments, a way to settle that payment is to resort to personal loans. This is a quick and easy solution for unforeseen expenses like these, especially when liquidity is lacking. The advantages of these mini personal loans online are numerous.
For example, their immediacy: you can have them in your bank account 10 to 15 minutes after submitting the application, without wasting time on bureaucracy, they are quick paperless loans. Moreover, they can be requested from anywhere, not only from your home computer but also from any location with your smartphone. This means you can do it from the SAT office itself, so that late fees don't increase further. 24-hour loans are also available.
