Payroll Tax Issues
A frequent case of tax and financial problems.
Business owners often face their most serious financial problems as a consequence of non-payment of payroll taxes – the taxes a business deducts from its employees’ paychecks, income tax, Social Security, Medicare, and State withholding.
Employers must make regular deposits and filings for payroll taxes. Failing to file and pay on time can lead to penalties and interest which can compound so fast that they quickly cripple a business financially. The IRS can also consequently levy business assets — accounts receivable, equipment, vehicles, and bank accounts.
Business owners are personally liable.
If a company cannot pay its back taxes to the IRS, business owners and officers are often held personally liable for a portion of these taxes called the Trust Fund. Responsible parties of the business can be assessed the “Trust Fund Recovery Penalty” and then personal assets are vulnerable to collection action by the IRS.
The IRS takes a serious stance on payroll.
The IRS takes non-payment of payroll taxes very seriously because employees get credit when they file their own tax returns. For example, when employees file their personal returns claiming credit, often getting a refund from the IRS, the IRS must give the credit to the individual or give a refund without ever having received the money from the employer. You can see why they take non-payment of these taxes by the employer very seriously.
The Back Tax Expert can help stave off collections activity – and protect your assets.
The Back Tax Expert has handled hundreds of business tax cases over the past 30 years. We know what to do to stave off IRS and State collections, protect your business assets, and protect the personal assets of owners and officers.
We’ll also get you back on track for financial success.
After years in this business, we know that in 99% of cases a tax problem is a symptom of a bigger financial problem involving cash flow. Far too many clients come through our door after working with someone else to resolve their problem, only to find themselves facing a recurrence of the same problem.
Fully resolving a tax problem requires identifying – and correcting – its root cause. Because we’ve helped so many clients, we’re able to uncover the essential financial issues and work toward a resolution. Our team will help you do a thorough cash flow analysis, and assist you in managing for future success.
We help you safeguard against future problems.
In this way, we help our clients build safeguards against future problems, and help them to regain their confidence. We take pride in helping our clients onto a path toward financial success and resting assured that the problems won’t recur. The Back Tax Expert represents you from start to finish, and goes a step beyond by helping you create a long-term plan. Best of all, we speak with the IRS on your behalf so that you don’t have to.