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We Can Help with Overdue Payroll Taxes
The IRS is the most aggressive when it comes to businesses who owe past due payroll taxes. Employers are required to withhold payroll taxes from their employees and then hold these funds in trust until deposited with the IRS along with the Employer’s matching portion. The most common types of Payroll taxes are 941 taxes and 940 taxes. Most business owners never intend to uses these funds they are holding in Trust for the IRS , but when faced with not making payroll or some other pressing business obligation they feel they have no choice but to use these funds. It is NEVER advisable to do so. The IRS is very aggressive in collecting payroll tax debts, the penalties will quickly reach up to 25% of the original amount owed, interest will immediately start accruing at a very high rate and payroll tax liabilities are not dischargeable in a bankruptcy, no matter how old the payroll tax liability is. In order to stay in business the owner must find a solution to the liability or the IRS will move quickly to put them out of business.
Not only is your business at risk but you can be held personally liable on these payroll tax debts for the actual amounts withheld for income tax, social security, and medicare. Once the IRS has determined the business cannot pay its past due payroll taxes, or is not paying as fast as the IRS would prefer, the IRS will assess a civil penalty to ALL individuals found to be willful and responsible for the nonpayment of the payroll taxes through the Trust Fund Recovery Penalty.
The IRS can assess such penalty against anyone who they feel may be responsible for the failure to deposit the payroll tax, even including individuals who were not owners or officers of the corporation. There are several different types of strategies that can be implemented to get you back into compliance and avoid any serious aggressive collection attempts by the IRS as a result of payroll tax liabilities.
Please visit Trust Fund Recovery Penalty, In-Business Offer In Compromise, or Corporate Restructuring for additional information on how to solve your payroll tax problem.
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