A Guide To Your Payroll Tax Problems
Are you an entrepreneur who has been unable to settle your payroll taxes? Has the IRS sent you notices regarding non-receipt of 941 payroll returns? Or perhaps you have had to file some payroll taxes late because you didn't have the money on the deadline? It may seem like a good idea to hold off paying payroll taxes or to file payroll returns late if your business is having problems, but it's not. You're adding IRS problems to your already growing problems and basically paying your other debts with your employees' hard-earned money. Failing to Submit Payroll Taxes The IRS starts adding interest and penalties to your tax debt when you don't submit your payroll taxes on time. If your business has cash flow problems, this will just add to your issues. Payroll Returns The IRS increases penalties if you fail to file payroll returns when it's due. These penalties can range from five per cent per month up to twenty-five per cent. Your tax issues are multiplying since interest is accumulating and the penalties are accruing. Contact us if you've been served notice about your payroll tax problem. Do not dismiss this problem because it will only get worse. The IRS utilizes enforced collection for entrepreneurs with payroll tax problems. Your business' bank accounts, equipment, accounts receivable, and vehicles can be levied. The IRS could put you out of business. What's Next? You're held liable for payroll taxes and any interest and penalties accrued if the IRS determines that you're accountable for the late filing or non-payment of payroll taxes. Suffice to say, you'll be paying a Trust Fund Recovery Penalty. Options You should know what your rights are. Find out if the right figure was assessed. Find out if you qualify for an installment agreement or Offer in Compromise. Find out if they will seize your assets. You need to have somebody working for you.
