Payroll Tax Problems
Solve Your Payroll Tax Problems
As a business owner, there is much to consider when tax time comes along. One of the most vital tasks is ensuring that you pay payroll taxes. In the eyes of the IRS, failing to pay your company’s payroll taxes is comparable to stealing your employees’ money. This is a sort of “cardinal sin” to the IRS because a large portion of your payroll taxes is the employees’ withholdings. The penalties a business can face for failing to file payroll taxes on time and pay payroll taxes are more severe than many other kinds of penalties. In a very short time, they can dramatically increase the amount you will owe.
What To Do If You Are Behind On Payroll Taxes
Be warned that the IRS is particularly aggressive in pursuing the collection of payroll taxes. They have little mercy or hesitation in seizing business assets, selling those assets at auction, and letting your business shut down. The IRS will do whatever they can to prevent you from accumulating additional payroll tax liabilities.