Payroll taxes affect every business, small or large. If you own a business and you need help with payroll tax representation, don’t wait any longer! When a business owes back payroll taxes the Internal Revenue Service can shut the business down and attach the back taxes to you personally (known as a trust fund penalty).
There’s no need to feel embarrassed or ashamed if your business needs payroll tax representation. Tax law is confusing and difficult! Polston Tax has over 100 years of combined tax experience to help you with your taxes and accountants dedicated to keeping our business clients compliant on their payroll taxes.
All employers are required to withhold and match certain taxes from their employee’s paychecks or wages and are required to send them to the IRS. Payroll taxes include the Social Security, Medicare, and Federal Income taxes.
Employers are also required to file certain payroll tax forms with the IRS, such as a Form 941, Employer’s Quarterly Federal Tax Return, and a Form 940, Employer’s Annual Federal Unemployment or FUTA Tax Return.
When employers fail to file these tax returns and pay money for the taxes due, the Internal Revenue Service won’t be shy about getting the money. If a business owes back payroll taxes, they will most likely have a local Revenue Officer assigned to investigate the business and the officers of the business, take an inventory of the business assets, complete a trust fund interview to determine personal responsibility attributed to officers, and make a determination if the assets of the business should be seized, or if the business should be shut down. Revenue Officers can take very aggressive tactics and often contact the customers of a business to issue notices of levy that the business owes taxes.
If you shut your business down but still owe payroll taxes, there is still hope! There are always options.
Call us today at 1-844-806-2648 or fill out our contact form to schedule your free consultation!