Payroll Tax Debt
If you have workers in your company you are expected to owe payroll tax. Based on the size of your payroll you can need to make tax deposits with the IRS as soon as you pay your workers on the day after.
Are you a business owner or a self-employed individual? If you have employees under your supervision, you are required to submit payroll taxes to the IRS and the state on their behalf. The taxes are usually submitted along with your (the employer’s) portion of the taxes.
Whenever taxes are not paid on time then the IRS imposes interest and fines. If you let things go too long the fines and interest can surpass the payroll taxes.
If you do not submit pay payroll taxes, i.e. 940/941, you will be considered as a thief by the IRS, which meant you stole from your employees. To prevent our valued clients from facing business seizure or even closure, TheCPATaxProblemSolver provides payroll tax debt relief solutions.
HOW PAYROLL TAX DEBT PROBLEMS OCCUR
Payroll tax issues occur in a variety of ways. When a business is short on cash and they are not paying your vendors or landlord, they are going to be out of business very soon.
In comparison, the IRS works slowly. It can be months before the IRS gets serious. Many company owners hope they will have enough money to fix their payroll problems by the time the IRS calls or visits.
Unfortunately it does not normally happen. Instead, the issues with payroll taxes increase quarter after quarter, and interest and fines continue to accrue. By the time IRS appears things got so bad that the IRS threatens to shut down the company.
Under certain cases, failure to pay payroll taxes can be a criminal offense subject to incarceration or fine penalty. With my professional help, I may be able to prevent the IRS from making the owner taking the personal responsibility for these payroll debts.
Under the Taxpayer Bill of Rights, there are tools that you are entitled to including the ability to contact a CPA to help you get tax relief. As CPA with expertise in IRS tax cases, I will help you address your tax problems.
UNDERSTANDING PAYROLL TAX DEBT RELIEF
Payroll taxes are a type of tax imposed on employers. The amount that needs to be paid comes from a percentage of the salaries. There are two types of taxes: one is being paid by the employer based on the employee’s wages and the other is directly deducted from an employee’s wages.
Debt accumulation occurs when the taxes are not paid. Even if one is forced to close his or her business, the party is still liable for their outstanding taxes. In this case, the affected party should seek professional assistance to determine the best course of action to resolve the tax debt problem – payroll tax debt relief.