Payroll Tax Problems
Failing to pay payroll taxes is one of the most serious tax issues in the eyes of the IRS. This is because payroll taxes include withholdings from your employees' wages.
Failing to pay payroll taxes is one of the most serious tax issues in the eyes of the IRS. This is because payroll taxes include withholdings from your employees' wages. The IRS views the non-payment of these taxes as essentially stealing from your employees.
Consequently, the penalties for not paying payroll taxes or filing payroll tax returns on time are extremely harsh. These penalties can quickly escalate the amount you owe.
If your company is behind on payroll taxes, be aware that the IRS is very aggressive in collecting this type of tax. They are more likely to seize your business assets, shut you down, and sell your assets at auction than to allow continued non-payment.
If you are in arrears with your payroll taxes, it is crucial that you do not face the IRS alone. The way you respond to their initial inquiries can make the difference between staying in business or not. It is essential to hire a professional representative who understands IRS procedures and can effectively advocate on your behalf.