Payroll Tax Problems
The IRS views failing to pay payroll taxes as the most egregious form 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, it is imperative that you make a plan to get back on track. The IRS is often more 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.
If you are behind on your payroll taxes, we would not recommend that you meet with the IRS on your own. How you answer their initial questions can determine the future of your business. Hiring a professional representative who knows how the IRS operates can often lead to a more preferable outcome.
At Fosselman & Associates, CPAs, we've been serving the accounting needs of Palmer, AK and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please fill out this form and let us know how we can best serve you.
Thank you for visiting. We look forward to working together!