Business owners are required to file a Form 941 (Employee Withholding Tax) if they own a business that employs standard employees. Sometimes, a business can get behind on paying these taxes because of cash flow or other problems. The IRS can be very aggressive about collecting these types of taxes. Anytime you experience a problem and get behind on the payment of withholding taxes, it’s important to contact the IRS at once.
If your company’s Payroll Taxes are not paid in full and on time, you could place your personal and business assets at risk. The penalties, fees and interest can be very costly. In fact, your company may be forced to close down. The IRS has the power to seize all sorts of assets in order to pay off the past-due amount.
In cases where the business has already closed down, the payroll taxes must still be paid. The IRS can use multiple measures to collect such as wage garnishment, seizure of bank accounts or assets and levies on investments. Both your business reputation and your personal reputation could be at risk.
If payroll taxes (Payroll Tax 940/941) have been neglected for some time, it’s important to contact the IRS right away and begin making arrangements for the repayment. The Tax Resolvers specializes in helping business owners deal with past-due payroll taxes. We can evaluate your situation and help you make the right choice.
The Tax Resolvers will work with you to decide on the proper course of action and begin the process of making settlement arrangements. Our tax consultants have helped many business owners with Payroll Tax Issues and we are available to discuss the numerous options for your case. Please contact us to learn more.
Don’t try to fight the IRS alone, our tax professionals can help!