The IRS acts aggressively to ensure that businesses maintain current tax filings and payroll tax deposits. Penalties, interest, levies and seizures can affect the ability to carry on day-to-day operations. The IRS can close down a business by seizing all its property to pay off the tax debt. There may be personal liability that attaches to the owners and officers of the business for unpaid payroll and other fiduciary taxes.
IRS Small Business Filing Requirements:
IRS requires an employer to withhold from each paycheck and pay to the government amounts for federal income tax, social security tax and Medicare tax. Failure to pay those taxes can result in severe financial penalties. Employers are required to use Form 941 to report the amount of taxes withheld from the paychecks of the employees. If you have fallen behind in reporting and paying the Form 941 taxes for your small business, you need to know that you still have options.
- Unfiled Tax Returns:
Filing your tax returns permits you to have more flexibility with your business’ financial future. Failing to file for several years may result in levies, seizures and sale of your business’ property or assets.
- Penalties And Interest:
Penalties and interest can quickly grow larger than the initial amount of taxes owed. The more time you waste, the more money you will owe. Take a proactive stance in dealing with tax liability problems by speaking with one of our firm’s experienced tax attorneys.
- Offers In Compromise:
An offer in compromise is an agreement between you and the IRS that settles your tax liability. If you want to know if this agreement is right for you, contact us.
- Payroll Tax Disputes:
Unpaid payroll taxes can be a hazard to both you and your business. Protect your hard-earned investment by speaking with one of our lawyers today.