When a business has an issue with failing to pay or failing to file payroll taxes, the IRS does not take the situation lightly. The consequences tend to be much worse for businesses than individuals – with an increased possibility of levies and seizures. First and foremost, it’s important to understand the specifics of this problem and what you can do to take care of it.
HOW DO PAYROLL TAX PROBLEMS HAPPEN?
If you own a business and have employees, you are probably all too familiar with the issues regarding calculating and paying payroll taxes. With all of the federal and state calculations for payroll taxes, it can be confusing to figure out how much to pay, how often to pay it and what to do if you find yourself in a situation where you can’t pay. Many businesses either fail to calculate the correct amount of payroll taxes or fail to get their payroll taxes completed in a timely fashion. This leads to penalties, interest accruals and eventually, an unmanageable situation of business tax debt. In addition to it being easy for a business owner to miscalculate or miss payments for payroll taxes, the state or IRS may not notice the problem for months or even years. Over that time, penalties and interest accrue while debt grows to the point that it becomes difficult to pay the taxes, penalties and interest in full.
WHAT CAN YOU DO?
If your business is facing payroll tax problems, you need to develop a strategy for resolution as soon as possible. Contact us now and see how our team can help!
HOW DO PAYROLL TAX PROBLEMS HAPPEN?
If you own a business and have employees, you are probably all too familiar with the issues regarding calculating and paying payroll taxes. With all of the federal and state calculations for payroll taxes, it can be confusing to figure out how much to pay, how often to pay it and what to do if you find yourself in a situation where you can’t pay. Many businesses either fail to calculate the correct amount of payroll taxes or fail to get their payroll taxes completed in a timely fashion. This leads to penalties, interest accruals and eventually, an unmanageable situation of business tax debt. In addition to it being easy for a business owner to miscalculate or miss payments for payroll taxes, the state or IRS may not notice the problem for months or even years. Over that time, penalties and interest accrue while debt grows to the point that it becomes difficult to pay the taxes, penalties and interest in full.
WHAT CAN YOU DO?
If your business is facing payroll tax problems, you need to develop a strategy for resolution as soon as possible. Contact us now and see how our team can help!
We provide tax relief across the United States
Call Toll-Free 877-522-1800
Call Toll-Free 877-522-1800