If you own a company and have employees, you are probably all too aware of the challenges associated with calculating and paying payroll taxes. It might be difficult to determine how much to pay, how frequently to pay it, and what to do if you find yourself in a situation where you can’t pay payroll taxes because of all the federal and state calculations involved.
Numerous businesses either underestimate their payroll tax obligations or fail to file their payroll taxes on time. This results in fines, interest, penalties, and finally an insurmountable corporate tax debt problem.
It’s easy for business owners to miss payments or to miscalculate payroll taxes, but what makes it worse is the fact that the state or IRS may not notice the problem for months or even years. Over that period, debt increases and penalties and interest mount to the point where it is challenging to make full payment of the taxes, fines, and interest.
What happens if you fail to file form 941 and fail to pay your payroll taxes?
The IRS considers payroll tax a trust fund penalty. They treat it almost like you’re stealing their money if you’re failing to pay payroll taxes. It’s what they go after first. There’s also personal liability if you are the owner or the person that’s running payroll in the business.
So making sure that you pay payroll taxes is extremely important. There’s also significant penalties and interest. There’s penalties for failure to file, failure to pay and failure to deposit. You need to be on a proper payroll deposit schedule.
Even if the IRS is armed with a lot of tools, you still have rights, such as the right to seek tax relief from an experienced tax relief firm. Your payroll tax issue could be resolved by:
- Making an Offer in Compromise to pay off your outstanding payroll tax bill.
- Requesting a temporary postponement of your payroll tax obligation to give you time to recover.
- Negotiating an installment payment agreement. You can spread out the payment of your payroll tax burden over a decade or more.
- Examining your tax records to check if the IRS has calculated your payroll taxes appropriately.
- Determining whether the statute of limitations for collecting your payroll tax debt has expired, or will expire soon.
- Securing a loan to pay off your taxes by negotiating the discharge of federal tax liens.
- Get the IRS to declare your payroll tax debt declared currently uncollectible.
- Obtaining releases from payroll tax levies.
- Filing requests for the reduction of interest and penalties.
Every case is unique, making it that more important for you to consult a professional for advice on the best course of action.
Find relief today!
If you’re dealing with payroll tax problems, please don’t hesitate to call us right away so that the best course of action can be decided and strategized.
Our firm has the experience and expertise to handle payroll tax problems. We can walk you through the entire process to take the worry out of it and make it go as easily as possible. Please contact us.
Contact JLD Tax Resolution Group NOW and resolve your IRS issues. Sleep better at night knowing you have a tax resolution expert handling your case.
