We Can Help with Overdue Payroll Taxes
Employers are required to withhold payroll taxes from their employees' paychecks and pay this tax to the IRS on their employees' behalf. The most common types of Payroll taxes are 941 taxes and 940 taxes. When business owners are unable to or avoid paying these taxes, a payroll tax liability is created. The IRS is persistant and aggressive in collecting Payroll Tax debt and does not allow payroll tax to be discharged in a bankruptcy, no matter how old the payroll tax liability is. When a taxpayer has a past due Payroll Tax debt, they must address the liability and find a solution if they are going to stay in business. Resolving a payroll tax issue requires that the delinquent business both maintain current compliance with their ongoing taxes and set up a plan to pay back or settle the overdue debt. Washington Tax Services specializes in working with clients who are behind on their Payroll Taxes and helping them set up a plan that works for them and their business.
According to the IRS, approximately 2 million businesses owe almost $50 billion in Payroll Tax. The IRS is serious about collecting this debt from those businesses who owe it. The IRS has broad enforcement powers when it comes to collecting back taxes from an operating business. Businesses which have past due tax bills will likely find themselves facing aggressive IRS liens and levies which can make it extremely difficult for a business to continue operating. If the taxes aren't paid by the business, the IRS can assess civil penalties and charge the debt personally to the owners or individual responsible for paying the taxes. The "corporate veil" does not protect owners from IRS civil penalties.
The IRS can take action against anyone who they feel may be responsible for the failure to pay the tax, even if they were not an officer or employee of the corporation which originally collected the payroll taxes.
A 940 or 941 tax debt can cause serious problems for an operating business. If your business is behind on these taxes and you would like to speak with someone about your options for resolving this debt, please contact Washington Tax Sevices today!
Fill out the form on this page or call 888-282-4697.