Payroll Tax Issues
 Pursuing to the IRS code, each employer who has employees other than himself, is required to collect and withhold from employees wages, social security taxes, Medicare taxes, and income taxes. These withhold are refer to as Trust Fund Taxes, since they are to be held in trust by the employer until paid over to the IRS. Along with this withholding tax obligation, the employer is require to file an “Employer’s Quarterly Federal Tax Return” (the 941 Return); and file an “Employer’s Annual Federal Unemployment (FUTA) Tax Return” (the 940 Return).The requirements of payroll withholding tax and return filing apply to all form of active businesses and employers, whether corporation, limited liability company, sole proprietorship, or partnership. The failure to accurately withhold the payroll taxes and the failure to timely pay these payroll tax obligation, is considered as a violation by the IRS. The IRS is authorized to force the collection of the taxes due accrued penalties and interest. Revenue officers are very aggressive in collecting these unpaid Payroll Taxes and will even seek to close the business and liquidate its assets if they are unable to collect the delinquent payroll taxes. In many case, IRS will also prosecute personally the individuals who willfully fail to file payroll. Our legal and CPA team has many years of experience in defending businesses against collection actions. Before losing your business, and to solve your Payroll taxes issues consult with us on how he can negotiate a payment plan, offer in compromise or simply find other solution to your problem. |
