Payroll Tax 101: A Comprehensive Guide to Understanding Taxes for Employers
If you have workers in your company you are expected to owe payroll tax. Based on the size of your payroll you can need to make tax deposits with the IRS as soon as you pay your workers on the day after.
Whenever taxes are not paid on time then the IRS imposes interest and fines. If you let things go too long the fines and interest can surpass the payroll taxes.
HOW PAYROLL TAX ISSUES AND PROBLEMS OCCUR
Payroll tax issues occur in a variety of ways. When a business is short on cash and they are not paying your vendors or landlord, they are going to be out of business very soon.
In comparison, the IRS works slowly. It can be months before the IRS gets serious. Many company owners hope they will have enough money to fix their payroll problems by the time the IRS calls or visits.
Unfortunately, it does not normally happen. Instead, the issues with payroll taxes increase quarter after quarter, and interest and fines continue to accrue. By the time IRS appears things got so bad that the IRS threatens to shut down the company.
In certain cases, failure to pay payroll taxes can be a criminal offense subject to incarceration or a fine penalty. With my professional help, I may be able to prevent the IRS from making the owner taking personal responsibility for these payroll tax debts.
Under the IRS rules and regulations, there are tools that you are entitled to include the ability to contact a CPA to help you get tax relief. As a CPA with expertise in IRS tax cases, I will help you address your tax problems.
SOLUTIONS FOR PAYROLL TAX ISSUES & PROBLEMS
Solutions for your problems may include:
-Send an Offer In Compromise deal to reduce the tax debt
-Get a short-term deferral of your tax liability to give you time to get back on track
-Negotiate an Installment Payment Plan to settle your tax obligation
-Check your records to find if the IRS has determined your taxes correctly
-Determine if the IRS has expired or will expire early to recover your payroll tax debt
-Negotiate waivers of federal tax obligations so you can get a loan to cover your taxes
-Getting your tax debt ruled noncollectable so you can get a tax break from your old payroll tax debts
-Seeking relief from payroll tax levies
-Filing interest and penalty waiver charges
Each case is of course different and you need an experienced tax professional to advise you about the best approach to your situation.
BANKRUPTCY FOR PAYROLL TAX ISSUES & PROBLEMS
Insolvency filing isn't going to fix the payroll tax issues. Even if the company is a corporation, the IRS may be entitled to obtain from the owners, officers, and often even independent contractors and workers a portion of the payroll tax debt. This is defined as a penalty for the trust fund, a penalty for the recovery of trust assets, a penalty of 100 percent, a criminal penalty, or a penalty under Code Section 6672.
As a tax expert, I will help you decide whether you are responsible for the reclamation penalty for the trust fund. If we agree you are not a responsible officer subject to the penalty for the recovery of the trust fund we will negotiate with the IRS tax officers and IRS Appeals Officers to make them withdraw the penalty for the trust fund.
I would also inform you on the best way to make any partial payments to the IRS to will your personal responsibility for the fiduciary fund tax. Many company owners make hundreds of thousands of dollars of payments to the IRS only to find later that the payments have not reduced their personal IRS payroll tax debt.
When having overwhelming tax problems, a majority of taxpayers are not comfortable calling the IRS for answers and that's where I can help.
I know what it takes to get you qualified for the best tax relief possible.
Call 844-888-1040 for information.
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