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 business operations. Failure to file and pay your payroll 941 taxes is a sure way to get in trouble with the IRS. This can lead to large IRS payroll tax penalties and debt, but may also be considered a federal crime.
Penalties assessed on delinquent payroll deposits or filings can dramatically increase the amount owed in just a matter of months. Therefore, if you don’t take quick action to address business audits and employer payroll tax problems, you will find yourself quickly out of business.
Understanding Your Payroll Tax
IRS payroll tax issues can be the downfall of many otherwise successful businesses. There are many businesses that still use the proceeds collected from taxes to pay their operating expenses instead of 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 deposit (by a payroll tax filing service, phone, or in person at a bank) three days after the pay date of the payroll checks. If you are missing these payments, you will hear from the government.
Action from the IRS
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 employer payroll tax problems.
Rush Tax Resolution has helped firms of all sizes resolve their employer tax debt problems and 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 IRS payroll tax issues so that you can move on with what you do best, running your business.
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