The IRS considers failing to pay payroll taxes a serious offense, mainly because many of these taxes consist of employee withholdings. In the view of the IRS, not remitting your company's payroll taxes is akin to misappropriating employee funds.
Consequently, the penalties for not paying payroll taxes and not filing payroll tax returns punctually are far more severe than for other tax delinquencies. These penalties can quickly escalate the total amount owed.
If your business is delinquent on payroll taxes, be aware that the IRS aggressively collects these taxes. They prefer to seize company assets, potentially shut down businesses, auction off assets, and end operations rather than allow tax liabilities to grow.
Should you find yourself behind on payroll taxes, handling only IRS meetings with others is crucial. Your ability to stay in business might be greatly impacted by how you answer their initial questions. Engaging a professional representative who is well-versed in dealing with the IRS is essential.
Contact Us
Founded on the principle that every small business owner deserves efficient accounting solutions, We are dedicated to saving time, minimizing taxes, and simplifying life.
