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.
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.
I Owe the IRS Payroll Taxes
Get back on track with your IRS Payroll taxes
If you are a business owner with employees and fail to file and pay your IRS Payroll Taxes, it will not go unnoticed. The IRS requires that you withhold Federal Income Tax, Social Security and Medicare taxes from your employees' wages. How much should be withheld depends on the employee's Form W-4.
These IRS Payroll Taxes must be paid on a quarterly basis: March, June, September, and December. Under certain circumstances, some small business owners may be eligible to file these taxes on an annual basis. Deposits can be made to the IRS electronically or by taking the deposit and required forms to a Federal Reserve Bank or other authorized financial institution. The IRS determines how often deposits are to be made, and they update these requirements each year, based on the annual payroll.
If you owe back IRS Payroll Taxes, the IRS can and will be very aggressive in its collection attempts. And the penalties the IRS can assess to a liability can drastically increase the amount owed in a very short period of time. The failure to make timely deposits is a large portion of these penalties.
And, not only is your business at risk, but you may be personally liable for any or all IRS Payroll Taxes owed. If the IRS determines the business cannot pay it's past due taxes, they will then focus on any individuals who the IRS deems as responsible.
If you owe back IRS Payroll Taxes, One Plus Tax may be able to help by designing a plan for paying those taxes and negotiating with the IRS so you don't get assessed with a bank levy or lien.
