The state and federal taxes an employer is required to withhold and/or to pay on behalf of their employees. Employers are required to withhold state and federal income taxes as well as social security and Medicare taxes from their employees’ wages.
If you have failed to withhold or pay payroll taxes, you can incur huge IRS penalties as well as face potential civil or criminal sanctions. The IRS is particularly aggressive when it comes to collecting on delinquent payroll taxes (form 940 and 941). Your assets could be seized and the survival of your business may be at risk.
Falling behind on your payroll taxes are very common issue for which the IRS will aggressively pursue. Unpaid payroll taxes also causes excessive IRS interest and penalties increasing your total IRS tax debt, but is also federal offense. In a nutshell,Â these payroll tax problems can not only cause you to wreck your life and business but also give you some jail time!
Payroll tax problems resulting in penalties and interest assessed on specifically delinquent payroll taxes or filings false documentation can dramatically increase the overall amount you owe in just a short time therefore turning a manageable tax bill into a life changing event.
While the IRS aggressively pursues anyone who fails to pay their proper payroll taxes the IRS doesnâ€™t desire to close or take your business or to start seizing your assets for the back payroll taxes.
Keep in mind payroll taxes are a huge priority for the IRS because itâ€™s considered a trust tax and therefore payroll tax debts are considered a first priority for the IRS.
A trust tax is the employer’s responsibility to collect taxes on behalf of the IRS, this is viewed as a trust action and failure to do so is a breach of that trust. Itâ€™s really much harder to negotiate with payroll problems because of this breach of trust.
Here are some steps you should take:
*Â File all of your current and missing tax returns. The IRS requires you to be current on
Â Â Â your filings if you wish to resolve your payroll taxes.
*Â Pay your current quarterly payroll taxes. Even if you are unable to pay your back
Â Â Â payroll taxes, you must be current with your quarterly payroll taxes.
* Complete IRS Form 433-B Collection Information Statement for Business. This is
Â Â a detailed report of your business income, expenses, and assets. It is important to
Â Â fill this out correctly.
We here at Tax Relief providers highly recommended that you hire a tax professional specialist to assist you who can guarantee that it is done correctly, and the information provided will help you resolve your tax problem, and not create a larger mess.
*Â Negotiate a resolution based off of your business ability to pay, or your personal
Â Â Â ability if the business is closed.
Regardless of the stage of collection you are in… you need expert representation immediately.
The IRS are professionals and You need a professional on your side!
Call Tax Relief Providers 1-888-877-1090.
Do you need Tax Relief?
Then call us today for a free consultation. 1-888-877-1090