PAYROLL TAX PROBLEMS
The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees’ withholdings. Not paying your company’s payroll taxes is tantamount to stealing your employees’ money in the eyes of the IRS.
As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties. They can drastically multiply the amount you owe in a very short time.
If you are behind on paying payroll taxes for your company, WATCH OUT!!! The IRS is extremely aggressive pursuing collection of this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business than allow you to continue amassing additional payroll tax liabilities.
Too often we’ve seen small business owners having cash flow issues fail to meet their payroll tax obligations, which in turn leads to disastrous consequences for the business. Using IRS payroll tax deposits for other business expenses often creates a snowball effect, and can cause some serious problems for the business owners. As stated before, the IRS is much less lenient with paying back payroll tax obligations than with other types of liabilities.
In addition, because active businesses usually have fruitful sources of assets the IRS can immediately go after, (personal & business checking accounts, positive cash flows, etc.), IRS Field Officers have been known to be very aggressive when sneaking up on delinquent business owners to collect outstanding payroll tax liabilities.
If you are behind on your payroll taxes, DO NOT meet with the IRS on your own. How you answer their initial questions can determine whether you stay in business or not. It is critical you hire a professional representative who knows how the IRS operates.
If you have a Payroll Tax issue and need to be sure you understand your options, click the green button below and schedule your free Tax Strategy Analysis Today!