Payroll Tax Problems with your business causing you undue stress and anxiety?
Addressing Payroll Tax Problems
Are you a business owner who has been unable to settle payroll taxes? Has the IRS sent you notices about non-receipt of 941 payroll returns? Did you file your payroll taxes late because you did not have the funds to cover it?
It's a common practice for businesses having financial issues to submit payroll returns late and to hold off paying payroll taxes. You're using your employees' money to settle your other debts when you fail to submit payroll taxes. If your business is having issues, this is a bad idea. You're just creating additional issues for you and your business and also adding IRS problems to your list.
Failing to File Payroll Taxes
The IRS starts adding interest and penalties to your tax debt if you do not file your payroll taxes when it's due. If your business has cash flow issues, this will just add to your issues.
Payroll Returns
Failing to submit payroll returns by the deadline will increase the penalties that the IRS can attach to them. Penalties can range from five per cent to twenty-five per cent each month. Your tax issues are escalating because interest is compounding and the penalties are accruing.
The IRS may use enforced collection on you by putting a levy on your business' assets or putting you out of business if you dismiss the notices they serve about your payroll tax issue. Call our firm, instead.
What happens now?
If determined that the non-payment or late filing of payroll taxes was your fault, you'll be paying a Trust Fund Recovery Penalty that includes payroll taxes and accumulated penalties and interest.
Your Options
You must know what your rights are. You have to find out if the figure assessed is the correct amount. Find out if you can qualify for an installment agreement or Offer in Compromise. Know if they will seize your assets. You need someone working for you.
Looking for a Miami Tax Attorney? Conveniently located in Florida, Darrin T. Mish represents companies with payroll tax problems all around the United States. Give him a call tollfree at (888) 438-6474.
Most Commented Posts
Filed under Payroll Tax Problem by 
Leave a Comment