Failing To Pay Payroll Taxes
Employers must pay federal payroll taxes, also known as 941 taxes for all of their w-2 employees; failure to pay will result in high interest, severe penalties, and even closing the business. The IRS taxes federal withholding tax very serious, and will treat it as if you stole their money, if you fail to file and pay your quarterly taxes. A trust fund recovery penalty will also be assessed against you for the failing to pay, this can be as high as 25% of the tax liability! The IRS can also garnish your business bank accounts, and force the sale of your business assets and property to satisfy your tax debt.
IRS Payroll Tax Appeal
MyTaxHelpAttorney.com works together with tax attorneys, CPA’s, Enrolled Agents, and other payroll tax specialists who have the experience and knowledge of the IRS collections and appeals process to help you resolve your payroll and business tax problems. The IRS gives all business owners the ability to appeal their federal payroll taxes if they believe the IRS calculation is off, or if they wish to offer a different solution to the IRS.
Speak with A Payroll Tax Professional Right Away
60 days is given for the appeal, and it is very important that you speak with a tax professional as soon as you realize that you are unable to pay your taxes in full. A tax professional can mean the difference in you ability to continue operation your business, or being forced to close it by the IRS. Quick action on your part, can also help you avoid the high penalties and interest the IRS will assess you and your business.
Steps to Payroll Tax Relief
1. File all of your current and missing tax returns. The IRS requires you to be current on your filings if you wish to resolve your payroll taxes.
2. Pay your current quarterly payroll taxes. Even if you are unable to pay your back payroll taxes, you must be pay your current quarterly payroll taxes.
3. Compete IRS Form 433-B Collection Information Statement for Business. This is a detailed report of your business income, expenses, and assets. It is important to fill this out correctly.
It is highly recommended that you hire a tax professional to assist you who can ensure that it is done correctly, and the information provided will help you resolve your tax problem, and not create a larger mess.
4. Negotiate a resolution based off of your business ability to pay, or your personal ability if the business is closed.
Hire a Payroll Tax Professional
MyTaxHelpAttorney.com’s expert tax attorneys, CPA’s, Enrolled Agents, and payroll tax specialists will assist you with resolving your payroll tax problems, whether your business is open, or closed. Working together with a tax professional will ensure that you receive the best options for resolving your payroll tax problems. Hiring a tax professional will allow you to resolve your payroll taxes in an affordable manner, while protecting your business financial security and future from the IRS.
Protect Your Business – Get Payroll Tax Relief: Start Today
Your consultation is always free, and comes with no obligation. MyTaxHelpAttorney.com has a 24/7 support staff available to help you with your case so you do not have to wait to get the help you need.
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