Addressing Payroll Tax Problems

Are you unable to pay your business' payroll taxes? Has the IRS sent you notices regarding non-receipt of 941 payroll returns? Or perhaps you've had to file payroll taxes late because you didn't have the funds on the deadline?

Businesses with financial problems often put off paying payroll taxes or file payroll returns late. You're using your employees' money to pay off other debts by failing to submit payroll taxes. If your business is having problems, this is a bad idea. You're simply adding IRS problems to your problems.

Failing to Submit Payroll Taxes

The IRS starts adding interest and penalties to your tax debt when you don't file payroll taxes when it's due. If your business has cash flow issues, this will simply add to your issues.

Payroll Returns

If you fail to file payroll returns on time, interest is compounding on your tax debt and the IRS can raise the penalties from five per cent to twenty-five per cent each month.

If you've gotten notice from the IRS about your payroll tax problem, call us right away. Ignoring this problem will make it worse. The IRS utilizes enforced collection for business owners with payroll tax problems. This means the IRS can put a levy on the business� accounts receivables, automobiles, equipment, and bank account(s). You might end up out of business.

What's Next?

If determined that the non-payment or late filing of payroll taxes was your doing, you'll be paying a Trust Fund Recovery Penalty that includes the payroll taxes plus accrued penalties and interest.

Options

You'll need help. Know your rights and a few other things, such as if assets will be seized, or if you qualify for an Offer in Compromise or installment agreement, or even if the IRS assessed the correct figure.

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