If you run a business and pay employees, you will deal with payroll taxes. Social Security, Medicare and income tax withholding from employee wages is just part of normal operations. Failure to file and pay your payroll taxes is a sure way to get in trouble with the IRS. This can lead to large IRS penalties and debt, but may also be considered a federal crime.
Penalties assessed on delinquent payroll tax deposits or tax filings can dramatically increase the amount owed in just a matter of months. If you don’t take quick action to address business tax audits and payroll tax problems, you will find yourself quickly out of business.
IRS payroll issues can be the downfall of many otherwise successful businesses. There are many businesses that still use the proceeds collected from payroll taxes to pay their operating expenses instead of payroll taxes. This can get you in trouble with the IRS very quickly. The money collected from employees to pay their share of federal withheld tax, FICA and Medicare (Social Security) does not belong to the business and must be accounted for and paid to the government. Generally, one must make a federal tax deposit either monthly or semi-weekly (depending on your total tax liability during a look-back period specified by the IRS) and by electronic funds transfer (most commonly either using the no-cost Electronic Federal Tax Payment System (EFTPS) or a payroll service). If you are missing these payments, you will hear from the government.
If the IRS can’t get the payments from the company, they will start action against officers, directors, owners and others involved. If the IRS can’t collect, they will move to shut down the business and sell the assets. That is where we come in…to help you find a solution for your payroll problems.
We have helped firms of all sizes resolve their payroll tax debt problems, with outcomes that assured the continuation of their business. We understand that business owners need working capital and cash flow to keep their businesses running. Our goal is to resolve your payroll tax issues so that you can move on with what you do best, running your business.